Kolkata records over 300% growth in sales in H1, 2022
The City of Joy prefers affordable and mid-segment projects
Kolkata, 13th July 2022: Kolkata saw the highest quarterly residential sales since Q4 2016. On a quarterly basis sales growth of 4% was witnessed in Q2 2022 as the new launches declined by 7%. Robust residential sales were recorded in Kolkata as it recorded a growth of over 300% in H1 2022 as compared to H1 2021, according to JLL’s Residential Market Update – Q2 2022.
“In Kolkata, homebuyers are mostly focused on affordable projects. In Q2 2022 as well, the preference was clear with the apartments below INR 50 lakh having a 78% market share in sales followed by apartments between INR 50 lakh-INR 75 lakh with a 15% share. Maximum sales traction was seen in the east sub-market in quarterly sales, driven by the availability of affordable and mid-segment projects and proximity to the airport and IT parks,” said Surekha Bihani, Managing Director (East) JLL, India.
Healthy offtake of residential apartments in Q2 2022
The residential market recorded sales of over 53,000 units in Q2 2022 which is an increase of 171% Y-o-Y as compared to Q2 2021 across the top 7 cities. This demonstrates the rising demand due to containment of the pandemic and buyer confidence coming back to the market. On a sequential basis, sales increased by 3% during the quarter. Appreciation in residential prices due to rising input costs and interest rates led to almost flat sequential growth in Q2 2022. Mumbai is the largest contributor to sales (23%) followed by Bengaluru with 21% and Delhi NCR with 19% of the overall sales.
Kolkata despite a smaller market recorded the highest Y-o-Y sales growth of 583% in Q2 2022 amongst all cities due to a low base effect of Q2 2021, a period which witnessed lower sales volume due to the second wave of the pandemic. Apart from that, sales also improved due to the availability and launch of affordable residential projects and the extension of stamp duty cut in the city.
|Q2 2021 (units)||Q1 2022 (units)||Q2 2022 (units)||Q-o-Q Growth (%)||Y-o-Y Growth (%)|