Kolkata Sees 16% Increase in Residential Sales and 7% Rise in Office Rentals in 2024
Kolkata's residential real estate market has witnessed a significant surge in sales, with a 16% year-on-year growth in 2024. Additionally, office rentals have seen a 7% increase, according to a recent report by Knight Frank.
Kolkata Real EstateResidential SalesOffice RentalsKnight FrankProperty MarketReal EstateJan 07, 2025
The city's office rental market has also seen a notable 7% increase, according to a comprehensive report by Knight Frank, a leading global real estate consultancy firm.
These developments reflect the growing confidence and investment in the city's property market.
Kolkata, historically known as Calcutta, is one of the largest cities in India and has been a hub of culture, commerce, and industry.
Over the years, the city has seen significant infrastructure development, which has attracted both domestic and international investors to its real estate sector.
Knight Frank's report highlights the key factors driving the growth in residential and commercial real estate in Kolkata.
Residential Market Surge
The residential market in Kolkata has been buoyed by several factors, including improved infrastructure, affordable housing schemes, and increasing demand from first-time buyers.
The city's well-developed public transport systems, such as the metro and trams, have made it easier for residents to commute, thereby boosting the appeal of suburban areas.
Knight Frank's analysis indicates that the majority of residential sales have occurred in the middle and budget segments, with a significant number of buyers being first-time homeowners.
This trend is attributed to the government's initiatives to promote affordable housing and the availability of attractive financing options from banks and financial institutions.
Office Rental Market Gains
The office rental market in Kolkata has also shown remarkable growth, with a 7% increase in 2024.
This rise can be attributed to the city's growing IT and BPO sectors, which have been expanding rapidly.
Corinthian Park, South City Mall, and EM Bypass are some of the prime locations where office space demand has been particularly high.
According to Knight Frank, the growth in the office rental market is also driven by the influx of multinational companies and startups, which are setting up their operations in the city due to its cost-effective business environment and skilled workforce.
The city's cultural and educational institutions play a crucial role in attracting young professionals and entrepreneurs.
Future Outlook
The future outlook for Kolkata's real estate market appears promising.
The ongoing infrastructure projects, such as the expansion of the metro rail network and the development of new highways, are expected to further boost property values and attract more investments.
Additionally, the government's focus on smart city initiatives and the development of new residential and commercial complexes is likely to sustain the growth trajectory.
Knight Frank A Leading Real Estate Consultancy
Knight Frank is a global real estate consultancy firm known for its expertise in providing strategic advice and solutions for property investors and developers.
With a presence in over 60 countries, Knight Frank has a deep understanding of local and international real estate markets.
The firm's comprehensive reports and analysis are widely respected and used by industry stakeholders to make informed decisions.
Conclusion
Kolkata's real estate market is showing strong signs of growth, with residential sales and office rentals on the rise.
The city's infrastructure development, government initiatives, and economic opportunities are key drivers behind these positive trends.
As the city continues to evolve, it is expected to remain a lucrative destination for both residential and commercial property investments.
Frequently Asked Questions
What is the percentage increase in residential sales in Kolkata in 2024?
Kolkata has seen a 16% increase in residential sales in 2024 compared to the previous year.
How much has the office rental market in Kolkata grown in 2024?
The office rental market in Kolkata has grown by 7% in 2024.
Which firm conducted the report on Kolkata's real estate market?
The report on Kolkata's real estate market was conducted by Knight Frank, a leading global real estate consultancy firm.
What are the key factors driving the growth in Kolkata's residential market?
The key factors driving the growth in Kolkata's residential market include improved infrastructure, affordable housing schemes, and increasing demand from first-time buyers.
Which sectors are contributing to the growth in Kolkata's office rental market?
The IT and BPO sectors, as well as the influx of multinational companies and startups, are contributing to the growth in Kolkata's office rental market.
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