[ecis2016.org] Despite muted demand for residential properties, Kolkata witnessed a 53.9 per cent increase in new home launches during January to March 2017, with developers anticipating a rise in demand in the near future
Kolkata witnessed a jump in new home launches by 53.9 per cent, at 3,801 units, in the January-March 2017 quarter, against that in the previous quarter, according to real estate data, research and analytics firm, PropEquity. Developers are anticipating higher demand in the coming quarters, although absorption remained under stress in Q1, declining by 3.8 per cent due to weak demand, a release from the firm said. Unsold stock in Kolkata has reduced to 0.5 per cent at 44,487 units and price eased by 1.5 per cent, it said.
You are reading: Kolkata sees 54 per cent jump in new home launches in Jan-Mar 2017
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Across the top eight cities, home launches dipped to 19.46 per cent in the first quarter of 2017, from 28,428 units to 22,897 units. The demand and new launches of residential projects slowed down in Q1, owing to the impact of demonetisation on the real estate sector, which tapered down faster than expected, it added. “The real estate sector in India, especially housing, is going through a critical transition phase post demonetisation, as transaction activity has slowed down,” PropEquity founder and CEO Samir Jasuja said.
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The recent budgetary announcement to grant infrastructure status to affordable housing and allowing banks to invest in Real Estate Investment Trusts (REITs), will have a strong positive impact on overall sentiment in the sector, he said.
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