Why the sale of low-cost residential property in Kolkata is dropping?

There is a consistent demand for the affordable real estate property in Kolkata, however, throughout the entire year, the sale of this segment was not been satisfactory. The sales figure dropped significantly by 15%. and about 37,000 to 40,000 units remained unsold. Out of this unsold inventory, the major contributor was the low priced houses. Almost all the major players of the real estate market launched new projects in and around Kolkata with an area of 500-700 square feets, however; sadly most of them remained unsold.

To make the situation better builders are coming up with some very unique ideas like-

• Easy down payment options
• Easy financing

There several new housing schemes which are launched and the prominent among these is Amrit Awas Yojana. Let us explore some more details about this scheme-

Amrit Awas and Abasan

Amrit Awas and Abasan are launched by the BGA realtors who aim to provide affordable houses in Kolkata. There are 154 units planned for Amrit Awas and 240 units for Abasan. Both these projects are coming up in Sonarpur and under this project if the customer pays the full cost of the project apart from the extra delivery charges within one month of the booking date, then the BGA realtor would continue paying 8.5% interest per annum to the customer. This new project by the BGA realtor will surely help the residential projects in Kolkata to grow.

During the last six months, there have been multiple project launches in Kolkata which were priced at Rs.30 lakhs and most of the projects are restricted in the southern extension of the city namely Garia, Narenderpur and other parts of the EM bypass. Some of the projects are also coming up in the northern part of the city like Dum Dum,Sodepur, BT road and Jessore road. Apart from these Rajarhat has been the popular destination for the real estate developers. The south, eastern and central Kolkata saw marginal development in the past year.

The city of Kolkata and the peripheral areas has witnessed several new lunches in the affordable segment in the year 2016.The residential property in Kolkata  were lunched in the size of 500-700 square feet and the price of the units was between Rs.2,500 and Rs. 3,000 per square feet. Most of the builders have speculative during the year; however, the situation will soon be better.