The year 2015 was not the best when it comes to the residential real estate market. In fact, the last three years have seen some big names take a hit when it comes to real estate projects. Even popular places for investment like Mumbai and Delhi have not been able to ignore this downturn, but many analysts are predicting that 2016 will lead to a recovery in the property market.
The main problem developers face is the time it takes to sell apartments and properties. Although the length of time needed to sell them has increased in recent years, this hasn’t turned out to be much of a problem as most projects take time to fully build.
Ideally, the turnaround time between the completion of a project and the sale of all the properties within it should be as low as possible. This helps the real estate developer move on to the next project in the pipeline. According to analysts, a drop in the number of new releases has helped real estate companies to sell their unsold inventory and has provided an opportunity for the recovery of this industry in India.
The upturn in the Indian real estate industry
For some cities in India, property prices have been more or less stagnant for the past two years. In fact, industry analysts believe that prices will not undergo any correction in the near future. A ‘Price Trend’ report recently shared by one of India’s largest real estate websites assessed eleven major cities in the country, including Kolkata, New Delhi, Mumbai, Bengaluru and Chennai, among others, where prices of real estate will largely go up. stay the same and that can only mean good news for property buyers.
Kolkata’s growth in the real estate market was due to a surge in office space transactions in 2015. Although most of these spaces turned out to be department stores spread across the city, the uptick may not be limited to just to commercial properties in the near future. .
While the regular real estate industry giants are planning to provide more properties with better facilities in the Garia and New Town regions, there are some new players entering the fray with their projects for Kolkata and its neighboring areas.
The New Town – Salt Lake belt is certainly a region that is experiencing a large number of projects thanks to the availability of space. This region is also a region to look out for in the future for apartment and flat buyers, as both regions were selected in the initial list to establish ‘Smart Cities’.
While these regions did not make the final list, it does highlight the fact that the state government is trying to ensure that the properties being built follow higher standards while providing a sustainable future for the environment and hopefully, also a solid show for the real estate market in Kolkata.
