‘Kolkata’s residential market boom to continue in 2025’

Kolkata: 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, said Sushil Mohta, chairman, Merlin Group and president, CREDAI West Bengal.

Sharing a year-end outlook in Kolkata’s real estate sector and the expectations for next year, Mohta said: “Overall we are quite upbeat about the future of the residential market in Kolkata in 2025 as well. In 2024, more homes were sold in Kolkata than Chennai. In Jan-Sept, a study by international real estate consultant JLL reported sales of over 13,500 homes in Kolkata valued at Rs 8,869 crore. By the end of 2024, the number of homes sold could exceed 17,000 units and over value close to Rs 12,000 crore. This trend will continue in 2025 as well and the market will mature. Kolkata is expected to remain the most affordable major residential market in India. However, the premium range and mid-range will see the upward growth as well”. He added: “Kolkata will see a growth in sales in 2025. Hence, inventories will be absorbed proportionately.”

He said 2024 witnessed record registration in residential projects till the stamp duty waiver was there. Commercial real estate market also witnessed a boom in Kolkata after a long gap. “Office space leasing stood at 1.2 mn. sqft. in Jan- Sep 2024 compared to 1.0 mn. sq. ft. in the same period last year,” he claimed.

Kolkata, largely known as an affordable housing market, witnessed a spurt in the sales of mid housing range and luxury range. The segment ranging between Rs 60 lakh and Rs 90 lakh witnessed robust sales. What is very encouraging is that the luxury segment in the range of Rs 1 crore to Rs 3 crore has seen a boom, Mohta said.