PropIndex | Magicbricks Kolkata

JAN-MAR 2024

Residential Market Insights Market Dynamics

Kolkata’s market revives to high demand, after battling a huge downfall in the previous quarter Parameters India Kolkata
After a major cooling off period in the last quarter of the previous year 2023, this year had a great start for the Kolkata Demand+ 6.9% 13.7%
residential sales market. In Q1 2024, the residential market in Kolkata observed 13.7% QoQ hike in demand, as Supply++ 0.9% -1..0%
reflected in search activity. However, there was a minor 1% QoQ decline in residential listings, which has inevitably led
Rate Index+++ 2.9% 3.2%
to a modest 3.2% QoQ increase in price of the residential properties.
Notes:
The rising demand and soaring prices in Kolkata can be attributed to its pivotal role as the primary financial and Above parameters represent QoQ change in Q1 2024 at
India and cit y level
commercial hub of Eastern India. This status is bolstered by its well developed transportation network, which + change in volume of propert y searches
enhances the efficiency of logistics and supply chains, making the city an attractive destination for investment. ++ change in volume of act ive list ings
+++ change in t he average rat e of under-const ruct ion
Furthermore, Kolkata benefits from a burgeoning presence of multinational corporations, which not only contribute (UC) and ready-to-move (RM) properties
to its economic vibrancy but also create a plethora of job openings, further fueling its growth potential. S ource: M agicbricks Research

Key developers based on active

RM Rate Change
listings
7,500
Developer
7,000

6,500
Realtech Group
Average Rate (INR psf)

GM Group
6,000
GPS Group
5,500
" RM segment Sureka Group
5,000
recorded QoQ price Siddha Group
4,500
growth of 2.8%." Sapnil Developers Pvt Ltd.
4,000
DTC Projects Pvt. Ltd.
3,500
South City Projects Kol Ltd.
3,000
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 RBN Projects

Perfect Realty
Note: The above table represents the top
UC Rate Change developers by the share of active listings on
Magicbricks website in Q1 2024.

6,500 Key Projects and Localities

6,000 Project Locality
5,500
Average Rate (INR psf)

Realtech Rajvansh Rajarhat

Meena Aurum Phase 2 Gouranganagar
5,000
“ UC segment
Sunrise Aura Rajpur Sonarpur
4,500 recorded QoQ price Sapnil Residency
4,000 growth of 3.5%." Noapara Baranagar
Prince Anwar Shah
South City Road
3,500

3,000 Meena Galaxy Beleghata

Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Spring Nest Behala Chowrasta
Urban Lakes Phase I Konnagar
DTC Southern Heights Joka
Sector V Salt Lake
Notes: GM Meena Orchid City
1. RM rate index represents the weighted average rate of completed properties on the Magicbricks website as of March 2024.
2. UC rate index represents the weighted average rate of under-construction properties on the Magicbricks website as of March 2024. Note: Above table lists the most searched projects on
3. The graph represents the average rate of the dominant asset class in each locality of the city. Magicbricks website in Q1 2024
Source: Magicbricks Research Source: Magicbricks Research

Supply change of RM vs UC properties In the News

1. In recent years, Joka in Kolkata has
6.0% seen significant real estate growth due
4.9% to metro line expansion. Truncated
5.0%
" B o t h RM and UC
QoQ change in supply

Metro operations between Joka and

4.0% Taratala, though not popular yet, have
segment recorded a spurred macro-market growth.
3.0% QoQ increase of
2.0%
0.3% and 4.9% 2. The West Bengal government has
extended property buyer relief, cutting
respectively in stamp duty by 2% and circle rates by
1.0%
0.3% supply.” 10% until June 2024, aiming to boost
real estate, aid homebuyers financially,
0.0%
and spur property transactions.
RM UC

Note:
1. Above table represents the rate changes for RM and UC properties for dominant asset classes in each locality under various rate buckets (INR psf) as of March 2024

Source: Magicbricks Research

© m agicbricks .com P age 2

Source: Magicbricks Research

Demand-Supply Analysis Kolkata|JAN-MAR 2024

3 BHKs dominate Demand by BHK Supply by BHK

demand share while 2 4%
3%
4%

BHKs rule supply share 1 BHK 10%

1 BHK
50% 2 BHK
40% 2 BHK

The demand patterns in Kolkata reveals a 3 BHK 3 BHK

43% 45%
clear preference for 3 BHK (three-bedroom, Above 3 BHK Above 3 BHK
hall, and kitchen) units, which dominate the
market with a significant share of 50%.
Following closely behind are 2 BHK units,
capturing 43% of the demand.

Moreover, the majority of homebuyers in Homes ranging from 750 to 1,250 sf witnessed highest traction
Kolkata lean towards mid-segment
apartments, particularly those with a built-up
area ranging from 750 to 1,250 square feet. 2% Demand by Size Supply by Size
1% 2% 2% 2%
These properties are highly sought-after,
constituting 54% of the market demand and 13% 8%
Below 500 14% Below 500
48% of the available supply.
29% 500-750 500-750
750-1,250 26% 750-1,250
Kolkata prefers 1,250-2,000 1,250-2,000
2,000-3,000 2,000-3,000
affordable yet spacious 54% Above 3,000
48% Above 3,000

homes Area in sf Area in sf

Although Kolkata has a strong preference for

mid-range homes, the driving force in the Affordability rules the roost as highest demand and supply for
real estate market is affordability. The
dynamics of Kolkata's real estate scene
properties priced below INR 5,000 psf gains prominence
clearly show a significant preference for Demand by Rates Supply by Rates
properties priced below INR 5,000 psf. This
pricing trend highlights the substantial
14% 19%
demand from individuals seeking properties
in the mid to affordable segments in Kolkata. <5,000 <5,000
33%
5,000-7,500 5,000-7,500
53% 29% 52%

>7,500 >7,500

Rate in INR psf Rate in INR psf

BHK wise Average Rate Change (INR psf)

12.7%

9.6%
8.2%
7.7%

4.3%
3.1%
2.4% 2.1%

1 BHK 2 BHK 3 BHK Above 3 BHK

QoQ YoY
Examining the fluctuations on a quarterly and yearly basis, it becomes evident that there has been a consistent rise in the rates (INR psf) across all types of
housing configurations. Notably, properties with 3 BHKs and above exhibited the most significant growth, both in comparison to the previous quarter and the
previous year. This trend indicates that larger units are experiencing a more rapid increase in rates compared to smaller ones, highlighting a preference within the
market for compact living spaces. This inclination towards smaller units aligns with the preferences of the majority of budget-conscious homebuyers in Kolkata,
who seek affordability without compromising on quality.
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Source: Magicbricks Research

Rate Analysis Kolkata|JAN-MAR 2024

QoQ Change In Average Rate (INR psf)

7,000

6,800

6,600
6,419
6,400
6,218
Rate (INR psf)

6,200 6,074
6,000

5,800 5,662
5,626
5,572
5,600
5,459
5,360
5,400
5,229
5,200

5,000
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

Over the course of the last eight quarters, Kolkata has experienced a consistent and notable evolution in its market landscape. This
transformation can be attributed to several factors, including a surge in employment prospects that have enticed migrants from various parts of
the country seeking improved livelihoods. Additionally, the city has undergone rapid infrastructural advancements, further bolstering its appeal.
As a result of these developments, the residential sector has witnessed a surge in demand, leading to increased activity in the real estate
market. This heightened interest has translated into a significant rise in property prices, with rates escalating from INR 5,229 psf of covered area
in the Q1 of 2022 to INR 6,419 psf by Q1 of 2024.

Average Rates (Property Type)

Builder Floor Multistorey Apartment Residential House Villa

4,700 5,700 5,900 6,200

In Kolkata, the real estate market has diverse pricing as builder floors command an average rate of INR 4,700 psf, multistorey
apartments stand at INR 5,700 psf, residential houses at INR 5,900 psf, and luxurious villas are available at INR 6,200 psf on
the cover area.

Average rates (BHK wise)

1 BHK 2 BHK 3 BHK Above 3 BHK

4,100 4,700 6,400 7,300

In Kolkata, residential properties exhibit a pricing ranging from INR 3,000 to 8,000 psf, encompassing various configurations
and typologies. The average rate for 1 BHK residences stands at INR 4,100 psf, while luxury segments, particularly 3 BHK and
above, command an average rate of INR 7,300 psf.

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Source: Magicbricks Research

Micro-Market Statistics Kolkata|JAN-MAR 2024

Top Micro-markets in the City

Belghoria Expy

North Kolkata
Rajarhat-Newtown

East Kolkata
Central Kolkata
South-west Kolkata

South East Kolkata

Southern Extention

Note: This map is not to scale.

Inference
Overall, the southern and eastern regions of Kolkata have gained significant traction among prospective homebuyers due to several factors. One
notable aspect is their convenient proximity to the airport, which appeals to individuals who value easy access for travel purposes. Additionally,
these areas boast of excellent last-mile connectivity, particularly through the metro system, facilitating seamless commuting for residents.
Moreover, their strategic location provides convenient access to major employment hubs throughout the city, further enhancing their appeal. This
growing preference for the southern and eastern areas is evident in the real estate market dynamics. During both the fourth quarter of 2023 and the
first quarter of 2024, neighbourhoods like New Town and Rajarhat have consistently emerged as the most sought-after locales in Kolkata across
various metrics, including demand and supply. This trend underscores the enduring popularity of these regions among homebuyers, reaffirming
their status as premier residential destinations within the city.
Note: Map above represents the top preferred micro-markets in the city in Q1 2024. Source: Magicbricks Research

Micro-Markets with Highest Demand Micro-Markets with Highest Supply

Micro-market Avg. Rate Rank Q1-24 Rank Q4-23 Micro-market Avg. Rate Rank Q1-24 Rank Q4-23

Newtown-Rajarhat 5,700 1 1 Newtown-Rajarhat 5,700 1 -

South East Kolkata
(near Kasba and Central Kolkata 8,800 2 -
Kalikapur) 6,500 2 - South-West Kolkata
(near Diamond Harbour
Central Kolkata 8,800 3 2 Road) 4,200 3 2
South-West Kolkata South East Kolkata
(near Diamond Harbour (near Kasba and
Road) 4,200 4 3 Kalikapur) 6,500 4 -
E M Bypass Southern
Extension 4,100 5 4 North Kolkata 5,100 5 -
South Extension (Garia-
North Kolkata 5,100 6 6 Rajpur-Sonarpur) 4,400 6 5
South Extension (Garia- E M Bypass Southern
Rajpur-Sonarpur) 4,400 7 - Extension 4,100 7 -
East Kolkata (near
Dhapa) 8,600 8 8 Howrah 3,800 8 -
Notes: Notes:
1. Top micro-markets ranked by number of searches on Magicbricks in Q1 2024. 1. Top micro-markets ranked by their active listings on Magicbricks in Q1 2024.
2. Average rate in the micro-market in INR psf. 2.Average rate in the micro-market in INR psf.

© m agicbricks .com P age 5

Source: Magicbricks Research