Kolkata residential property price eases 4% in 2020 – Mint

Kolkata News

Kolkata residential property prices had moderated by 4% in 2020 amid strong demand in the second half of the year, a property consultant said on Wednesday.

Sales in city’s residential properties were up by over 100% to 5,975 units in the second half (July-December 2020) period over the first six months of the pandemic year when it sold 2,937 units in the metropolis, Frank Knight, property consultant said.

Also Read | The race to take fashion retail online

However, the washout of April-June of the year dragged overall home demand in 2020 by 21% in terms of unit sold over 2019, Knight Frank Kolkata head Swapan Dutta said. Despite work-from-home, demand jump could not match 2019 sales of homes.

The home sales rebounded sharply in July-September strongly after the lockdown and it was the best quarter for the industry-backed by pent up demand. The October-December demand was down 40% 2,054 units compared to the corresponding period of 2019.

Now unsold residential stock in Kolkata stands below 29,000. Demand in South and Northern part of the city was higher in the H2 of 2020 while other regions witnessed decline including Rajarhat.

Dutta said now parameters are best for investment in properties even as prices for 2021 are not projected to rise unless any major sop like a waiver of stamp duty is announced. But, excess stock will continue to decline.

Speaking about office space trend Knight Frank said demand for office space is also picking up from smaller IT and ITeS companies who are reshuffling their premises to optimise cost.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source: https://www.livemint.com/news/india/kolkata-residential-property-price-eases-4-in-2020-11609928013327.html