Kolkata records sale of about 1,843 home units during Q3 2022, says report

According to Knight Frank India report titled "India Real Estate Update (July–September 2022)" Kolkata

MP | 2 Oct 2022 | Kolkata: Kolkata recorded sales of 1,843 home units during Q3 2022 while new launches were also low with 1,531 new units being added. The average weighted price witnessed an increase of 4 per cent YoY (Year on year) during Q3 2022. 

During the period July to September 2021, the city had recorded sales of 6861 home units while new launches were 3128. So sales were less by 73 percent while new launches were less by 51 per cent. Sales were impacted due to the inauspicious period of Shrad during the period and price increases in recent quarters have also given some reason for pause to the price conscious homebuyer. 

According to Knight Frank India report titled "India Real Estate Update (July–September 2022)" Kolkata, however, registered a healthy annual growth during Q3 2022. The city recorded office space transactions of 0.3 mnsq ft; accounting to 105 per cent YoY growth during the quarter. 

The office rentals remained stable during the period. According to the report, residential sector saw an annual growth of 15 per cent in Q3 2022 to 73,691 housing units across top eight cities in the country from 64,010 in Q3 2021. 

This is a 20 per cent rise in regards to the quarterly average sales observed during the pre-pandemic times of 2019. While the sales volumes remain robust, they have dipped by 8 per cent compared to the preceding quarter. 

Considering the steady upward trajectory that sales have stayed on over the past four quarters, this modest dip is not a matter of concern. Similar robust activity was observed in new launches growing 15 per cent YoY to 69,687 units in Q3 2022. 

All markets saw average prices increase in the range of 3 to 10 per cent YoY during this period. This also marks the third quarterly period of consistent YoY growth in prices across all markets. Shishir Baijal, Chairman and Managing Director, Knight Frank India said: "The consistent growth in leasing volumes along with stable to growing rents depicts the strength of the office market. 

Large scale hiring in the last 18 months, especially in the IT/ITeS sector and companies implement return to office policies is creating incremental office space demand." http://www.millenniumpost.in/kolkata/kolkata-records-sale-of-about-1843-home-units-during-q3-2022-says-report-494673