Kolkata Residential Market Declines: Report
Jul 12, 2024 15:58
Kolkata's residential real estate market saw an 11% decline in new launches in the first half of 2024, while other cities like Bengaluru and Mumbai saw significant growth, according to a new report by JLL.
Kolkata, Jul 12 (PTI) India's residential real estate market thrived in the first half of 2024 with a 55 per cent increase in new launches to 159,455 units, while Kolkata exhibited a contrasting trend, according to a report released on Friday.
The eastern metropolis witnessed an 11 per cent decline in new launches during the period.
Kolkata launched 4,388 units in the January-June period of 2024, as compared to the 4,942 in the corresponding months of 2023, realty consultant JLL said in the report.
Kolkata accounted for only three per cent of the new launch inventory among the top seven cities.
Cities, like Bengaluru, Mumbai, Delhi NCR and Hyderabad led the surge nationally, contributing to a total of 159,455 units launched.
Chennai and Pune also experienced a 10 per cent and a 22 per cent decrease in launches respectively.
Residential prices across India rose in the top seven cities. These cities saw a year-on-year price increase ranging from 5 per cent to 20 per cent in Q2 (April-June) 2024.
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