Though the property prices have remained stable during the past six months in major metropolitan cities including Delhi, Mumbai but the only city where prices remain unstable is Kolkata. The prices have apparently increased by a 5-10 %.
Prices in the areas such as new town, Rajarhat on the fringes of Kolkata are hovering around Rs. 3500-5000 per sq ft whereas in the posh areas such as Ballygunj and Alipore it is expected to be around Rs. 12,000- 17,000 per sq ft.
According to Mr. Pradeep Sureka, Managing Director, Sureka group and president of CREDAI’s Bengal chapter, the realty prices have increased at the rate of around 5 % in the last six months but the input costs have also increased over the time. But the investors are expecting the price to remain stable rather as the unsold inventories will dominate the market in future. According to a real estate rating and research firm, Liases Foras, the Kolkata residential market has around 15,300 unsold units. The research has been done in 66 areas across the city. According to the managing director of Liases Foras, Mr. Pankaj Kapoor, the Kolkata property market is smaller in size to other metropolitan cities and also the market is currently quite slow and Rajarghat dominates when it comes to the area having most number of unsold inventories.
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