Kolkata Real Estate Surges: 16% Increase in Sales, Office Rentals Up 7%
Kolkata's residential real estate market has seen a significant 16% surge in sales in 2024, while office rentals have increased by 7%. The property consultant, Knight Frank India, has highlighted key trends in the city's real estate sector.
Kolkata Real EstateResidential SalesOffice RentalsProperty MarketKnight Frank IndiaReal EstateJan 07, 2025
This growth marks the third-best year for the sector since 2010, with the city recording 17,389 residential units sold.
Despite the government's decision to discontinue incentives such as stamp duty rebates and circle rate reductions in July 2024, the market maintained sustained demand.
The average residential prices in Kolkata also appreciated by 6% year-on-year, reaching Rs 3,815 per sq ft, indicating a steady upward trend in the market.
In the office space segment, while the city witnessed 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, further contributing to the market's growth.
The report noted that Kolkata's office market is gradually recovering, driven by consistent demand from occupiers across diverse sectors, particularly IT, BFSI, and healthcare.
Saket Mohta, MD of Merlin Group, commented, 'The year 2024 has been a pretty good year for the overall economy and the real estate sector, which has benefited from growing demand.
RERA and the stamp duty rebate have played a facilitatory role.'
Frequently Asked Questions
What is the percentage increase in residential sales in Kolkata in 2024?
Kolkata's residential sales increased by 16% in 2024.
How many residential units were sold in Kolkata in 2024?
In 2024, Kolkata recorded the sale of 17,389 residential units.
By how much did the average residential prices in Kolkata increase in 2024?
The average residential prices in Kolkata increased by 6% year-on-year to 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 being driven by sectors such as IT, BFSI, and healthcare.
What is the percentage increase in office rental prices in Kolkata in 2024?
The average transaction rent for office spaces in Kolkata increased by 7% to Rs 41 per sq ft per month.
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