2015 was not the best year for the residential real estate market. In fact, the past three years have seen quite a few big names take a hit when it comes to real estate projects. Even popular investment locations such as Mumbai and Delhi could not ignore this downturn, but many analysts predict that 2016 will lead to a recovery in the property market.
The major problem developers face is the time it takes to sell apartments and properties. Although the time it takes to sell them has increased over the past couple of years, it hasn’t turned out to be a big deal since most projects take time to fully build.
Ideally, the lead time between the completion of a project and the sale of all the properties within it should be as short as possible. This helps the real estate developer move on to the next project in the pipeline. Analysts said a drop in the number of new launches helped real estate companies sell their unsold inventory and provided a chance for recovery for this industry in India.
The recovery of the Indian real estate sector
For some Indian cities, real estate prices have more or less stagnated over the past two years. In fact, industry analysts believe that prices will not undergo any correction in the near future. A recently shared report on price trends by one of India’s largest real estate websites rated eleven major cities in the country including Kolkata, New Delhi, Mumbai, Bangalore and Chennai among others where property prices real estate are largely going to stay the same and that can only mean good news for property buyers.
Kolkata’s growth in the real estate market is due to an increase in office space transactions in 2015. Although most of these spaces turned out to be large warehouses scattered around the city, the recovery may not be limited to commercial properties in the near future. .
While the usual real estate industry giants are planning to provide more properties with larger facilities in Garia and New Town areas, a few new players are entering the fray with their plans for Kolkata and its adjoining areas.
The New Town – Salt Lake belt is certainly an area that sees a large number of projects springing up thanks to the availability of space. This region is also a region to watch in the future for apartment and apartment buyers, as both regions were selected in the initial list to set up “smart cities”.
Although these areas are not in the final list, it highlights that the state government is trying to ensure that properties being built follow higher standards while providing an environmentally sustainable future. and hopefully also a strong show for the real estate market in kolkata.