The real estate projects in West Bengal have been stood still since the power of the government has witnessed change almost after 34 years. The projects in West Bengal are being continuously delayed due to problem faced in terms of clearances and approval and as a matter of fact city has got very few new projects in the past couple of years. The president of Kolkata chapter of CREDAI, PradeepSureka said that they are expecting improvement in next 3 to 6 months and it will cover up the loss incurred by the real estate industry in Kolkata. The supply in residential segment has been abysmally low this year.
The realty market in the country has experienced rise in prices by about 15-20 per cent. Managing director of Jones Lang LaSalle, Kolkata branch said in an interview that the focus of the developers in year 2009 was on Rs.20 lakh homes but now that every developers is working on bigger projects the prices of housing is bound to increase. The prices of homes in Ballygaunje have increased to Rs.16000 to 17000 per square feet which was last year around Rs.12000 to 13000 per square feet. The prices in the primary markets have boosted up to 10-15 per cent whereas secondary market has witness rise of about 5 per cent.
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