KOLKATA: Less than one out of three flats sold in Kolkata last year were newly launched ones. In other words, more than two-thirds of the flats sold were old inventory.
When it comes to the absorption of new launches, Kolkata was at the bottom of the rung among seven major cities. The rate of absorption of new launches in Kolkata stood at 31%. Bengaluru and Chennai topped the chart with over half the units launched last year being sold.
According to a report by consultancy firm Anarock, Kolkata saw sales of 18,334 units in 2024, up 32% from pre-Covid 2019 sales of 13,930 units. While its share of new launch absorption went up, those in other major cities increased at a much higher rate. Bengaluru witnessed sales of 65,226 units last year, of which 53% were new launches. Of the 19,221 units sold in Chennai, again 53% were new launches. Delhi National Capital Region was the next highest with 44% of the 61,902 units sold comprising new launches. Some 43% of the 58,540 units sold in Hyderabad were new launches, while in Pune, it was 42% of the 81,088 units sold. The ratio of new launch absorption was lower in Mumbai Metropolitan Region (MMR) at 36%, but it registered a whopping sales of 1,55,334 units.
“One major reason why fresh unit absorption has gone up across cities is because there was a significant surge in new supply by the large developers. Many developers also expanded into new geographies, which in turn boosted the confidence of homebuyers. For instance, Bengaluru-based developer Prestige Estates entered both NCR and MMR markets. However, in Kolkata, besides the local developers, we have seen very few outside prominent developers taking charge,” explained an analyst at Anarock Research.
Confederation of Real Estate Developers Association of India Bengal chapter president Siddharth Pansari said it could be a reflection of the launch of fewer units last year. “Also, if there is a large project among those that are launched, it will take time to sell,” he said.
Other developers said the withdrawal of the 2% stamp duty cut incentive may have also contributed to the dip in sales in new projects. However, they also pointed out that as long as overall inventory levels did not rise, there was no cause for concern.
