The Kolkata Metropolitan Area has also recorded the highest-housing registration volume in the last five years, registering above 46,000 in the first half of 2009 alone. This influx is not a one-time demand spurt but a long-term purchaser confidence in the low-end, middle and high-end markets. An integration of infrastructure deployment, diversification of new routes and a drift in the buyer preferences towards gated and services enriched living has generated expansive traction in the city.
There is a relatively balanced value proposition in Kolkata unlike in some of the other Indian metros where affordability strain has become a factor against it. The areas such as New Town, EM Bypass, Tollygunge, Garia extension and Rajpur-Sonarpur still receive end-users and not speculative investors. This stabilizes the movement of prices and makes transaction cycles healthy. High mid-income demand, favourable EMI schemes and stable developer pricing strategies have contributed to the stable absorption levels.
There is also the increased registration, which is associated with transparency and electronic governance. The use of online evaluation instruments, efficient mutation processes, and easier appointment of registration have reduced closure schedules. The buyers no longer have to spend long lines waiting at the title recording and digitization of the documentation has brought down the friction- now accepting more formal registrations instead of deferred and proxy holdings.
The momentum has also been brought by developer behaviour. Builders are moving off of overstocking luxury towers and putting more emphasis on thoughtful housing communities, built-in features, and phase that is oriented towards end-use occupancy, versus over building that is intended to sell at a speculative price. The 2BHK and 3BHK unit demand in carefully designed communities remains to be on the top of the agenda, and the market of units of the size that are friendly to the elderly and compact is growing.
Belt suburbs are now becoming significant contributors to registration. Areas which have growing metro connectivity and accessibility to highways- like Barasat, Madhyamgram, Uttarpara and some parts of Howrah are attracting first time homeowners. As the state advances transportation upgrades, these belts will turn into full-service urban extensions in the upcoming decade.
The five-year record of registrations solidifies the Kolkata as a stable and end user based market. The city has the advantage of real occupancy intention and long time residence settlement pattern in comparison with markets that are guided by fluctuating investor movements. The sustained provision of infrastructure, the planning of the strategic township and the moderate pricing strategy is expected to have a sustained momentum that lasts long into the new fiscal year.
The three mentioned above could be narrowed down to web news or lengthy magazine-like articles, as needed.
