COVID-19 Impact On Kolkata Real Estate Market

The outcome of Covid-19 in the business sector is unparalleled and unpredictable. With no surprise, it has also made a profound impact on the real estate industry. In most states, the construction processes are stuck, and due to this, construction developers face a significant anxiety attack. On a positive note, this industry has also faced great significant trends which are hard to ignore.

According to Amit Mitra, the finance minister of West Bengal mentioned that Kolkata was at the top of GDP rankings. It gained a 12.5% growth during the financial year of 2018 to 2019. Investing in the real estate development project in Kolkata can be your best option ever. The city’s projects have a consistent market growth, steady flow of investment, increased job opportunities, infrastructure development, and numerous upcoming residential projects.

With the demand for work from home, most millennials want to invest in homes rather than shared apartments. There was a rise in the need for home space offices. Since the pandemic, the landlords had pressured rent payers to vacant their apartments and search for a new home. Due to the growth of certain uncertainties in the financial sector, demand for properties has risen. People like to live in their own homes. They don’t prefer shared apartments due to the Covid-19 impact.

This article will help you understand why investing in the real state of Kolkata is a superb option post-Covid-19 impact. Read the blog below for a better understanding.

Steady Market Graph

Do you know? Kolkata holds the largest real estate market in eastern India. As per the Economic Times, the city’s properties reported an 11% increase in market growth. These lines are enough to impress a real estate investor and make that person invest in Kolkata. After Bengaluru and Pune, Kolkata ranks as the third position having unsold inventories since the pandemic. Compared to growing urban cities like Mumbai, Bangalore, and Hyderabad, this city has a steady market graph with its property markets yielding faster growth. Currently, the market is in a slow trend. Amidst this trend, the most renowned real estate investors are trying to invest in Kolkata’s residential projects.

The city had recently earned a position in the lucrative property sales. Several residential project launches in north Kolkata and south Kolkata .ie. Rajarhat provides the best reasons why Kolkata should be your choice. In a budget-friendly city, owning a particular project can be your greatest asset. So, you should never miss this golden opportunity.

Upcoming IT Hub

Kolkata made its position under popular IT city culture much later. But today, most IT corporation sectors like cognizant, Infosys, TCS, and Wipro have been set up in Kolkata. You don’t need to worry whether the city is a perfect choice for the IT sector. Since the city is a choice for several business start-ups, its economy has seen significant growth. Such infrastructural changes include East-West metro and proposed Government projects like New Town’s SEZ, thus adding to the city’s market value.

Kolkata meets all the qualities of becoming a market favorite. Maximum developers are launching their products in Joka and New Town. Due to IT sector projects and luxury residential projects, the market is receiving active investors like rent. This thing provides more scope in Kolkata’s real estate projects in the long run. Thus, you won’t regret investing in this city. It’s the wisest decision you can ever make investing in Kolkata.

An Affordable City

After the city’s poor performance for two consecutive years, the real estate of Kolkata made its place in the absorption rate at a faster pace. Major developers like Tata Housing, Godrej Properties, and much more have contributed to their quarterly supply growth. Since the pandemic, people demand more mid-range and affordable houses. This trend is sure to boost sales in Kolkata’s real estate market.

Most investors are investing in low inflation cities like Kolkata due to fluctuating equity capital. This thing makes the city the smartest option to invest in. The best news is the Central Government, and the State Government are working together to create schemes like PMAY Scheme and Nijashree Schemes. These schemes aim to make the purchase of houses affordable. With this, almost everyone can afford to buy a home. Nowadays, many banks reduce the rate of interest under different types of home loans.

Purchase Now Option

Real estate companies are reaching their heights and are flourishing very nicely. The market now offers a variety of premium projects at an affordable rate. Buyers are free to choose from a variety of budget-friendly flats. The present situation is the best time to invest in Kolkata’s residential projects in the future. Great investing options are 3 bhk flats for sale in Kolkata. These properties can earn you a steady cash flow.

The Sales Boost

Today is the new normal. It’s the best time to invest in residential properties. People look for owning a complete house rather than living in a rented apartment. At present, the world is in a shaken state where living in our own houses is the safest place. We don’t know when our landlords can drive us out. There is a rise in demand for purchasing more than 2 bhk apartments in Kolkata. 3 bhk property for sale in Kolkata are available, and most are availing of this. Currently, people are spending more time at their homes rather than outside. Thus, keeping the value of homes in mind and benefiting from the business, in general, is the smoothest choice ever.

Support Of Government

The Reserve Bank of India is offering loans at an affordable range. With the depreciation of the repo rate, it contributes to the interest rate. The Government has also announced recently regarding fiscal packages with other fuel sales rates in the real estate sector. According to the latest developments by RBI, home loan risk rates are rationalized and are linked to Loan to Value ratios. This thing can be motivational for real estate developers in Kolkata.

Post-Covid-19, it is very likely to experience erosion in the valuation of the stock market. As a result, the fixed deposits have lower rates. With the home loans at cheaper rates, NRI’s can indulge themselves in property buying.

Uncertainty Of Pandemic

With the risk factors of pandemic and how long it might prevail, the real estate field offers have taken heights. This trend earlier was valid only during festive seasons, but now even if it’s not always discounts but also in the form of easy payment options and availability of complimentary car parking. It is an excellent time for buyers to invest in residential properties with some of the lowest prices together with location and budget. At present, the ready-to-move-in properties are at lower prices, and previously only under-construction projects were at a low price.

Final Thoughts

Real estate can earn you steady cash flow if the investment is done strategically. For any type of residential project or bungalows, you can check into Haarway. India’s top-notch service listing platform will quell your thirst by providing the right service for you as per your location, budget, need, etc.