Sales Trend

Kolkata comprised a 6% share of the total housing sales in Q3 2022 across the top 7 cities. Kolkata recorded sales of nearly 5,000 units in the current quarter, as against 4,800 units in the previous quarter. The city saw a rise in home sales by 3% Q o Q and a rise of 54% compared to the same quarter the previous year.

In terms of zonal home sales in Kolkata, East, North, and South Kolkata led the majority of the home sales in the current quarter, selling 43%, 30%, and 23% of the residential units, respectively. Amongst all the zones, North Kolkata is the only zone to have a 4% reduction in sales when compared to Q2 2022. The housing sales share of West Kolkata remained constant compared to Q2 2022, at 3%.

Launches

Kolkata’s new residential launches are up 2.2 times against Q2 2022; the highest Q o Q growth amongst the top 7 cities. In Q3 2022, Kolkata witnessed a new supply of nearly 4,500 residential units, accounting for 5% of the total new supply across the top 7 cities. In comparison to Q2 2022, a significant rise of 124% is noted, while on an annual basis, the new launch numbers rose by 13%.

In contrast to the previous quarter, South Kolkata has witnessed approx. 42% of new launches to become the most active market in the city in Q3 2022. East Kolkata saw a 14% quarterly decrease in the new launch activity during the current quarter, accounting for 38% of the city’s new supply. North Kolkata and West Kolkata saw the lowest new launch activity, with individual shares of 6% and 5% respectively.

On the budget segmentation front, the affordable housing segment stood as the front runner with the highest number of new launches contributing 51%, followed by 27% in the mid-end segment and 12% in the high-end segment. Ultra-luxury ticket-size units together launched 10% of the city’s new supply.

Available Inventory

Kolkata is amongst the 3 cities to witness a drop in its available inventory Q o Q, along with NCR and Chennai. Kolkata has the second lowest available stock among the top seven cities, behind Chennai, with around 36,700 units. Kolkata’s available inventory declined by 1% quarter on quarter and by 12% year on year. Central Kolkata has the least amount of unsold inventory, at just 1%, whereas the highest volume of available inventory is concentrated in East Kolkata, accounting for 33% of the overall city’s available stock.

In terms of the budget split of the available stock, 68% of the available inventory is stacked in the affordable price segment, followed by 16% in the mid-range price bracket. The luxury segment has the lowest volume of available inventory, at a 1% share. In comparison with the 23 monthly inventory overhang in Q2 2022, the duration to offload the inventory has reduced by 2 months in the current quarter to 21 months.

About the author- ANAROCK Property Consultants