‘Kolkata saw unexpected demand in mid-range & luxury homes in 2024’

Kolkata: In 2024, Kolkata witnessed unprecedented demand in mid-range housing priced between Rs 60 to Rs 90 lakh and luxury properties ranging from Rs 1 crore to Rs 3 crore, said Saket Mohta, managing director, Merlin Group.

According to a study by the real estate consultancy firm, Knight Frank India, Kolkata’s residential market has exhibited a 16 per cent Year over Year (YoY) increase in residential sales, reaching 16,718 units in 2024. The YoY jump was highest amongst the top eight cities of India. The healthy growth can be attributed to the market’s resilience. Developers launched 16,718 units in 2024, marking a 7 per cent increase from the units launched in 2023.

Residential unit prices varied across key locations in Kolkata during 2024, reflecting the city’s evolving demand patterns. Premium areas such as Ballygunge, Tollygunge and Rawdon Street saw stable growth due to their established infrastructure and desirability. Emerging micro-markets like Salt Lake and Rajarhat New Town benefited from infrastructure upgrades and Metro connectivity, leading to steady price appreciation.

Kolkata’s affordability and improved infrastructure also contributed to moderate price increases.

Kolkata’s super luxury housing segment, with ticket sizes ranging from Rs 200-Rs 500 million saw the highest Year over Year (YoY) growth. The luxury housing segment, with ticket sizes between Rs 50-Rs 100 mn, experienced the second-highest YoY growth. The lower ticket size segment continued to dominate the city’s market comprising 45 per cent of sales in the city, recording the highest number of units sold amongst all the ticket size, with 7764 units in 2024.

Shishir Baijal, chairman & managing director, Knight Frank India, commented: “The Kolkata residential market’s performance in 2024 demonstrates its resilience and ability to adapt to shifting dynamics. With sustained demand for premium housing and significant infrastructure developments, the city is well-positioned for continued growth in 2025.”