While the growing demand and a back log of inventory slowed down the new and upcoming projects of Kolkata city by 30%, it has carved out its way for increased interest in luxury properties whose rates are also seen to be decreased.
The resale f properties in Kolkata’s Posh streets, like Ballygunge and New Alipore, are now ranged between Rs 18,000 and Rs 20,000 per sq. ft. As compared to Rs 25,000 per sq. ft. Which was noted to be in September-October 2016.
“A lot of inventory of plots for sale in Kolkata are priced at a ticket price of Rs 1.5 crore and above had to be kept unsold for over two years. Now dust of demonetisation slowed down the market. Thanks to the new budget presented by the government, prices of several projects are seeing a reduction of between 10 to 15%,”said Champalall Baid, Director of city-based real estate firm Champalall and Co. About 50 projects in the Rs 1.5 crore and above category were noted to be seen interest in and sold in the last three months, Baid said. The rates of projects on Burdwan Road, Rajarhat and southern locations of EM Bypass have also seen a price cut. With these changes and decrease in rates, it has become real easy to Buy Flat In Kolkata.