New survey of Launches and Old Inventory in Kolkata. Only 31% newly launched flats sold in Kolkata last yr: Study

Source : Times of India. Click here

Kolkata’s real estate market presents a unique picture compared to other major Indian cities, with a significant preference for existing properties over new launches. A recent study by a consultancy firm highlights this trend, showing that in 2024, only 31% of newly launched flats were sold in the city. This places Kolkata at the bottom among seven major Indian cities in terms of absorbing new inventory.

A Comparison with Other Major Cities

While Kolkata saw an increase in overall sales with 18,334 units sold in 2024, which is a 32% jump from 2019, its absorption rate for new launches lags behind. In contrast, other major cities demonstrate a much higher appetite for new projects:

• Bengaluru and Chennai led the way, with 53% of new launches being sold. Bengaluru also recorded the highest sales volume at 65,226 units.
• Hyderabad followed with a 43% absorption rate for new launches.
• Pune saw 42% of its new launches sold.
• The Mumbai Metropolitan Region (MMR), while having a slightly lower absorption rate of 36%, registered a massive sales volume of 1,55,334 units, showing strong overall market activity.
• The preference for older inventory in Kolkata could be attributed to several factors, including the launch of fewer new units and the withdrawal of a stamp duty cut incentive.
• Despite this, developers and experts remain optimistic, noting that as long as overall inventory levels do not rise, the market is stable.