Luxury Housing
Contrary to the expectations, demonetization, which slowed new launches in realty sector by 30%, has on the other hand pushed the luxury housing demand to new high, thereby, shrinking inventory levels across the country. In the prevailing scenario, properties on high streets, like Ballygunge and New Alipore, in Kolkata are priced between Rs. 18,000 and Rs. 20,000 per sqft. compared to Rs. 25,000 per sqft. previously. A lot of inventory in the luxury housing segment commanding a ticket price of Rs. 1.5-cr and above, were lying unsold for over two years. Thanks to the new move, prices of several projects are seeing a discount between 10 to 15%, said Director of city-based real estate firm Champalall and Co., Champalall Baid, adding that about 50 units in the Rs. 1.5-cr and above category were sold in the last three months. The market in Kolkata and surrounding areas is recovering fast from the after-effect of demonetization as queries have also gone up by 100% and are also resulting in large number of purchases. New launches that had taken a hit in the last calendar year will also show improvement with inventory in the luxury segment being sold off, President, CREDAI Bengal, Nandu Belani said.