Kolkata's Luxury Housing Market Surges While Ultra-Luxury Sales Lag

Kolkata's luxury (Rs 5-10 crore) and ultra-luxury (Rs 10 crore-plus) residential markets displayed a clear divergence in Calendar Year 2025, according to a report by NKlusive, the high-end real estate consultancy arm of NK Realtors. While the luxury segment saw a notable acceleration in both supply and absorption, the ultra-luxury market experienced a significant slowdown in sales despite price appreciation.

In the luxury segment, Kolkata had six residential projects in CY24, and with one new launch in CY25, the market moved to seven live projects. The total supply rose to 151 units in CY25, with 72 new units introduced during the year. Central Kolkata dominated supply with a 60% share, while south Kolkata contributed 40%. Pricing strengthened, with the weighted average saleable price rising 7% year-over-year (YoY) from Rs 16,394 per sq ft (PSF) in CY24 to Rs 17,508 PSF in CY25.

Market traction improved materially: marketable supply increased from 118 units in CY24 to 151 in CY25, while sales jumped from 38 units (32% of supply) to 90 units (60% of supply). This translated into 28% YoY growth in supply, 137% YoY growth in sales, and a 25% decline in unsold inventory. Monthly average absorption improved from 3 units in CY24 to 8 units in CY25, with 65% of CY25 sales occurring in the first half of the year, indicating front-loaded demand.

In the ultra-luxury segment, the market expanded marginally in project count but weakened significantly in absorption. Kolkata had 18 residential projects in CY24, and with one new launch in CY25, the market reached 19 live projects. CY25 supply stood at 113 units, including 26 new units introduced. Central Kolkata again led with 65% of supply, followed by south Kolkata at 34%.

Prices moved up strongly, with the weighted average saleable price increasing 14% YoY from Rs 26,083 PSF to Rs 29,665 PSF, supported by the launch of a new ultra-luxury project. However, sales performance deteriorated. Marketable supply reduced from 124 units in CY24 to 113 units in CY25, while units sold fell from 53 (43% of supply) to 16 (14% of supply). The segment recorded a 9% YoY decline in supply, a 70% YoY decline in sales, and a 37% YoY increase in unsold inventory. Monthly average absorption dropped from 4 units in CY24 to 1 unit in CY25, reflecting a sharp slowdown in demand at the top end.

Overall, Kolkata's high-end residential market saw demand improve between CY24 and CY25, with average monthly absorption rising from 121 units to 148 units, a 22% YoY increase, and inventory reducing from 21 months to 19 months. Sales were concentrated early in the year, with nearly two-thirds of total sales achieved in the first 6 months of CY25.