Unlikely alternative metros like Mumbai and Delhi grappling with the predicament of high unsold residential stocks for the last number of months, Kolkata looks to possess bog down its inventory over the past 3 years. a fast survey of the 3 metros’ residential markets by country’s leading assets consultant Jones Lang La Salle’s assets intelligence service confirms this.
Available for sales residential property in Kolkata have dipped by 19.32% to 7,776 in finish 2011 from nine,639 units in finish 2010. Total active stock was abundant higher at fourteen,908 units in finish 2009.
In Mumbai, an unsold homes are over the 2009 levels at fifty,198 units. Comparatively the unsold inventory levels in NCR-Delhi, together with Delhi and metropolitan areas of Faridabad, Noida, Gurgaon and Ghaziabad were over double the 2009 levels at 112,993 units in finish 2011.
Realtors and assets consultants attribute the Kolkata town declining active stocks to fewer launches within the town over the last one year compared to the previous year and therefore the year before. What should even be kept in mind that the new launches predominantly geared toward the premium phase in contrast to launches targeting totally different income classes last 2 years.
Demand for residential property in Kolkata has been sturdy, the important estate corporations - personal, state-owned similarly as those within the joint sector together with the likes of the state-owned West Bengal Housing Board, Ambuja Realty, Mani cluster are among many others - are attempting to eliminate their stocks. The sales are happening though at a slow pace. Sellers and patrons are negotiating exhausting to clinch a deal.
According to the figure given by Jones Lang La Salle, the grade A residential property in Kolkata the sales averaged five,581 units in end-2011, against the nine,031 units and five,786 units in finish -2010 and in finish 2009 respectively.
Developers attribute the less launches to overall economic slowdown, also as political uncertainty, the shortage of confidence among the state’s machinery, absence modern land parcels equally as non-availability of recent manufacture of land. Kolkata primarily based developer said: “Statutory authorities within the state are holding on to sanction on some pretense or unusual.” the dearth of city designing and infrastructure have conjointly blocked growth of town horizontally or vertically.
When contacted to ET, West Bengal Housing Minister Mr. Arup Biswas said, “work on going projects is on. The new real estate projects in both private as well as in the joint sector is welcome. They are carefully scrutinising new ventures to review whether the building fire safety rules are being complied with before giving them green signal. In Kolkata the Housing Board also plans to launch new residential projects.
Apart from the downfall of property in Kolkata the state govt. plans to revamp the suburbs with beautification plans for town already in progress, the govt. currently desires to beautify cities on the fringes of the Kolkata Metropolitan space (KMA). Kolkata Metropolitan Development Authority (KMDA) has been acting on the master set up that the civic bodies are asked to follow. The set up includes correct illumination, the beautification of roadsides pavements and boulevards and also the fixing street furniture in urban areas like Howrah, Kalyani, Chinsurah and Chandernagore. Authorities feel that prime population within the peri-urban areas is making pressure not solely on land and water provide, however additionally on basic amenities. This has resulted in uncontrolled land use and environmental degradation. The beautification set up when implemented can facilitate municipalities produce an Eco-friendly setting.