Kolkata Realty Bounces Back with 400 Cr Sales

The real estate market in Kolkata has bounced back with aplomb, registering sales of nearly 850 units valued at Rs 400 crore in June. NK Realtors, a real estate consultant in the city, has sold 210 units worth Rs 100 crore during the month. The company saw a steady improvement in sales from 120 units in April to 159 units in May and 210 units in June. The 489 units sold in the three months compares with 554 units sold in the corresponding period last year. The industry sales during the quarter is pegged at 1,700 units worth Rs 850 crore. The Behala-Thakupukur-Joka belt accounted for 47% of sales followed by Serampore at 13%, Southern Bypass 10%, Dunlop-Barrackpore belt 8%, Madhyam-Barasat stretch 5%, Rajarhat 5%, and Mukundapur-Sonarpur 4%. Kolkata proper and New Town made up the rest. International consultants Anarock that released the first half data for 2020-21 said 3,170 units had been sold in the first six months year against 7,550 units in the corresponding period last year. Sushil Mohta, the president of the state federation of Credai, and managing director of Merlin group, says Kolkata’s early recovery is owing to it being a user-driven market, rather than one that is driven by investors. Merlin has recovered nearly 60% of business in June and expects to improve further in July. Siddha Group that focuses primarily on the affordable housing segment has seen sales as the same level as prior to lockdown. “People need homes more than ever now. And they are exercising their choice,” said MD Sanjay Jain.