Kolkata Real Estate Booms: Residential Sales Surge 16%, Office Rentals Up 7%
Kolkata's residential property market witnessed a 16% surge in sales in 2024, while office rentals increased by 7%, according to Knight Frank India.
Real EstateKolkataResidential SalesOffice RentalsProperty MarketReal Estate NewsJan 07, 2025
The city clocked in at 17,389 residential units sold, making it the third-best year for the sector since 2010.
This growth has been attributed to sustained demand, even though the government discontinued certain incentives like stamp duty rebates and circle rate reductions in July 2024.
The average residential prices in Kolkata also appreciated by 6% year-on-year, reaching Rs 3,815 per sq ft, which indicates a steady and positive trend in the market.
This increase in prices is a reflection of the growing confidence among buyers and the overall economic stability.
In the office space segment, while the city saw a marginal 1% decline in transactions, the average transaction rent increased by 7% to Rs 41 per sq ft per month.
New office completions in 2024 were recorded at 0.3 million sq ft, marking a gradual recovery in the office market.
Kolkata's office market is experiencing a steady recovery, driven by consistent demand from various sectors, particularly IT, BFSI (Banking, Financial Services, and Insurance), and healthcare.
The robust demand from these sectors is expected to further bolster the market in the coming years.
Frequently Asked Questions
What was the percentage increase in residential sales in Kolkata in 2024?
The residential sales in Kolkata increased by 16% in 2024.
What is the current average residential price per sq ft in Kolkata?
The average residential price in Kolkata is Rs 3,815 per sq ft.
What sectors are driving the demand in Kolkata's office market?
The demand in Kolkata's office market is primarily driven by sectors such as IT, BFSI, and healthcare.
How much did the office rental prices increase in Kolkata in 2024?
The office rental prices in Kolkata increased by 7% in 2024.
What role have government incentives played in the real estate market growth in Kolkata?
Government incentives like stamp duty rebates and circle rate reductions have played a facilitatory role in the growth of Kolkata's real estate market, although these were discontinued in July 2024.
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