In July-September 2023, housing prices in Kolkata increased 12% against the corresponding period in 2022, according to a price tracker report released by the Confederation of Real Estate Developers Association of India (Credai), the largest body of builders in the country.
Though average prices of homes in Kolkata Metropolitan Area is still one the most affordable among the top eight cities in the country, it has touched Rs 7,406, up from around 5,000 prior to Covid.
The per square foot price of premium projects in localities like Ballygunge has gone up from Rs 18,000 to Rs 25,000 in three years. Similarly, projects in Tollygunge have increased from Rs 8,000 to Rs 12,000, similar to the price escalation at Anandapur off EM Bypass.
According to the study, since Q1 2019, there has been a 20% rise in price in Kolkata. The city's suburbs have witnessed the highest price rise at 45% on an annual basis due to rising demand in mid and luxury segments. Prices of 3 BHK units saw the highest rise at 15% year-on-year.
About 35% of unsold units fell under the affordable segment that has seen sales decline following increase in prices as well as firming of home loan interest rates. East Kolkata accounted for the bulk of unsold units with 33% share. Overall, 5% of the all-India unsold inventory of around 10 lakh units is in Kolkata.
