Kolkata records more than 4K residential unit launches in Q4

Kolkata: Kolkata has recorded nearly 4050 residential unit launches in the fourth quarter (Q4) of 2024 with high-end and luxury units witnessing healthy growth.

According to a report by the global real estate services firm, Cushman & Wakefield, the fourth quarter witnessed a 23 per cent growth over the previous quarter. The peripheral submarkets contributed the highest number of launches across locations such as Joka, Barasat, Baruipur and Uttarpara, accounting for 39 per cent share in Q4 launches. North-east (Rajarhat) followed with a share of 33 per cent whereas 17 per cent launches were contributed by the south (New Alipore), including a couple of luxury projects launches. North Kolkata accounted for 7 per cent of annual launches.

High-end and luxury units witnessed healthy growth, contributing 24 per cent of launches. This is 13 per cent up from the previous quarter. However, the affordable category’s share fell to 18 per cent in Q4 from 27 per cent in Q3.

Some of the key projects launched in Q4 are Urban Lakes Phase-2 in Uttarpara, developed by Sugar Homes. It has 624 units with a size of 750-110 sqft. Srijan Optima Phase-1 in Rajarhat, developed by Srijan Realty, has 603 units with a size of 930-1600 sqft. Third is Godrej Blue in New Alipore by Godrej Properties. It has 482 units with a size of 1500-2500 sqft.

Among the key constructions completed in Q4 is New Kolkata-Sangam in Serampore. It was developed by Alcove Realty and has 1072 units. The size ranges from 543-1039 sqft. Recently, Sushil Mohta, chairman, Merlin Group and president, CREDAI West Bengal, said: “By the end of 2024, the number of homes sold in Kolkata could exceed 17,000 units and over value close to Rs 12,000 crore and this trend will continue in 2025.”

Kolkata, largely known as an affordable housing market, witnessed a spurt in the sales of mid housing range and luxury range, Mohta added.