Data provided by PropTiger.com shows that although new supply continues to be under pressure due to the current market environment, house sales in Kolkata have improved in the third quarter of 2020. Consumers continue to view real estate as the most stable asset, and as working from home may continue, many consumers are seeking housing upgrades. Although states such as Maharashtra have lowered stamp duty rates for real estate transactions, financial institutions have also lowered housing loan interest rates below 7%. The developer community is not only ensuring that buyers can use virtual tools to book future houses, but also offering holiday discounts and easy payment plans.
According to a quarterly analysis of eight Indian residential markets in India by Real Insight 2020 Third Quarter of Real Estate Brokerage Company PropTiger.com, from July to September 2020, Kolkata’s housing sales increased by 88% compared to the previous quarter . A total of 2,479 new cars were sold in the capital of West Bengal this quarter. Affordable market segments continue to drive demand in Kolkata, with 57% of sales concentrated in categories of less than Rs 4.5 million. Price growth in Kolkata is also flat. This makes Kolkata the second most affordable housing market after Ahmedabad among the eight cities included in the quarterly analysis.
