Launch of residential units: Kolkata sees highest quarterly growth

Kolkata: Kolkata saw highest (44 per cent) q-o-q growth in new launches of residential units among the top seven cities with South Kolkata topping the sales chart.

According to a survey by Anarock Property Consultants Pvt Ltd, Kolkata residential market experienced a significant uptick in new launches during Q3 2024. Accounting for 3 per cent of the total new launches across the top seven cities, Kolkata witnessed a 44 per cent quarterly growth, with approximately 3,100 units launched. However, this figure represented a marginal 6 per cent decline compared to the same period last year.

A notable shift in geographical preference was observed in Q3 2024. North Kolkata emerged as the leading zone for new launches, surpassing West Kolkata which had topped the charts in Q2 2024. North Kolkata contributed 48 per cent of the total new launches, reflecting a substantial 187 per cent quarterly growth. South Kolkata followed closely with a 23 per cent share with a 53 per cent quarterly growth.

West Kolkata recorded the lowest share at 4 per cent, marking an 84 per cent quarterly decline.

Despite a 22 per cent quarterly decline in housing sales, South Kolkata maintained its position as the most active zone, accounting for 30 per cent of the city’s overall sales. North and East Kolkata followed closely with 28 per cent and 22 per cent shares, respectively. West Kolkata captured 16 per cent of the market, while the central zone accounted for the remaining share. Notably, North and Central Kolkata were the only zones to experience growth in home sales on a quarter on-quarter basis. However, Kolkata’s residential real estate market experienced a contraction in available housing stock during the third quarter of 2024.

The city recorded a substantial quarterly decline of 3 per cent and a significant annual decline of 17 per cent, ranking second among the top seven Indian cities in terms of available inventory reduction. This decline brought the total available inventory down to approximately 25,900 units, according to the survey.

South Kolkata maintained its position as the zone with the largest share of available housing inventory, accounting for 30 per cent. West and East Kolkata followed closely with 23 per cent each and North Kolkata with 22 per cent share. The city’s available housing stock is predominantly concentrated in the affordable segment, which comprises a significant 52 per cent of the

total available inventory.