'Highest number of residential units launched in Rajarhat in 1st half of 2017'

Rajarhat has emerged as the region with the highest number of residential units launched in the first half on 2017, accounting for 36 percent share of the total number of new launches, says a report published by Knight Frank India.

The report also says that most of the new launches have been taking place in peripheral locations of the city with promises of infrastructural development in the near future. It is significant that 87 percent of the new launches announced in the first half were in the 'below INR 50 lakh' ticket size category.

It has been observed that locations such as Baruipur, Narendrapur and Garia in the Southern fringes of the city and BT Road, Barrackpore in the north have attracted significant interest of buyers and developers.

The report that depicts a comprehensive analysis of the residential markets performance in the city and its adjoining areas also says that the first half of 2017 saw a slight improvement of 7 percent in terms of new launches while sales saw an increase of 11 percent compared to the second half of the previous year.

The report clearly indicates infrastructural development under the Mamata Banerjee government that has helped the real estate market to grow in the fringes. In New Town, since 2011 after Banerjee came to power, comprehensive development has taken place while road connectivity and supply of drinking water and other facilities has improved in South and North 24 Parganas.

Speaking on the findings of the report, Dr Samantak Das, chief economist and national director — Research, Knight Frank India said that Kolkata's residential market has been witnessing a tightening of new launches in the recent years. It saw the numbers dip substantially by 18 percent in the first half of 2017, compared on an annual basis, although there was slight improvement observed over the second half of the previous year. Sales volume observed an increase of 11 percent in the first half of 2017 over second half of 2016.