4
PropIndex | Magicbricks
Residential Market Insights
Moderate rise in demand and price over six quarters brings hopes of a revival
Kolkata’s residential market, during Q1 2020, was characterized by a modest growth in demand while supplyregistered a stagnation over the last few quarters, as developers shifted focus from new project launches toclearance of unsold stock. This has led to some uptick in prices over the last one and a half years.
Both, the Ready-to-Move (RM) and Under-Construction (UC) properties witnessed visible price increments of 1.5%and 2%, respectively. In addition, a rise of 6.1% in consumer searches came as a positive sign for the city’sresidential sector. Affordable projects in peripheral localities continued to be a favourite with the buyers.
5 YearChange YoY QoQ
1.5%4.7%6.5%
5 YearChange YoY QoQ
2.0%1.0%8.9%
"Marginal uptick inUnder-Constructionprices continues, albeitat a slow pace, with 1%
YoY growth"
Kolkata Jan-Mar 2020
Parameters India Kolkata
Demand+ +5.3% +6.1%Supply++ -0.8% -1.2% Price Index+++ +0.1% +1.5%
“Kolkata’s residentialprices showedimprovement inQ1 2020 after a
prolonged stagnation”
Notes: + represents the QoQ change in volume of propertysearches on Magicbricks website in Q1 2020 ++ represents the QoQ change in volume of active listingson Magicbricks website in Q1 2020 +++ represents the QoQ change in the weighted averageprice at India and city level
Source: Magicbricks Research
PS Group
Merlin Group
Siddha Group
Ideal Real Estate
Eden Group
Emami Realty
Sureka Merlin & JB Group
Ambuja Neotia
Urbana Group
Unitech Group 10
9
8
7
5
5
4
3
2
1
SP Shukhobristhi Action Area 3
Shapoorji Complex Action Area 3
Utalika Mukundapur
Swarna Bhoomi Howrah
Sai Nibas Bansdroni
Panache Salt Lake Sector-5
Avidipta E M Bypass
AMRITA Abasan I Rajpur Sonarpur
Sagar Apartments Sukant Nagar
NBCC Vibgyor Action Area 1
Average changes in prices for localities in various price segments
Market Dynamics
Ready to Move Price Index
Under Construction Price Index
- Affordable properties by brandeddevelopers to continue to garnerconsumer interest, although sales toremain restricted in the face of a sloweconomy
- Developing and untapped fringelocalities to drive residential demand incoming quarters. These include areas ofMadhyamgram, Barasat, Sodepur,Rajarhat, New Town, EM Bypass,Mukundapur and Joka.
- 5.8 km long phase I of Kolkata MetroLine 2 was recently inaugurated andlikely to ease connectivity in and aroundthe prime IT hub of Sector V
“Interestingly, both UC& RM properties inKolkata showed a
visible price rise in thepremium ‘more thanINR 8,000 per sqft’segment in Q1 2020”
Key Trends to Watch Out
2014
2015
2016
2017
2018
2019
2020
2,000
3,000
4,000
5,000
6,000
Avg. Price psf
2014
2015
2016
2017
2018
2019
2020
2,000
3,000
4,000
5,000
6,000
Avg. Price psf
Price Bracket (INR/sqft)
< 4000 4,000-6,000 6,000-8,000 > 8,000
RM UC RM UC RM UC RM UC
Key Projects based on consumersearches
Key Developers based on activelistings
Average Price INR per sqft
Average Price INR per sqft
The above table represents the top developers by share ofactive listings on Magicbricks website in Q1 2020
Source: Magicbricks Research
Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q1 2020
Source: Magicbricks Research
Notes:1. Ready to move price index represents the weighted average price of completed properties listed in the city on Magicbricks website as on Q1 20202. Trend represents avg. prices of dominant asset class in each locality of the city. Source: Magicbricks Research
Notes:1. Under-construction price index represents the weighted average price of under-construction properties listed in the city on Magicbricks website as on Q1 20202. The data represents price trend for properties in multistorey and builder floors only
Source: Magicbricks Research
Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties on Magicbricks website in Q1 2020 for various price buckets
Source: Magicbricks Research
Page 1© magicbricks.com
1 BHK13%
3 BHK31%
Above 3 BHK5%
2 BHK51%
DEMAND
Demand Supply Analysis Kolkata Jan-Mar 2020
Affordable segment dominates Kolkata's residential landscape
2 and 3 BHKs in vogue amongst mid segment buyersAffordable properties near commercialhubs in vogue
Kolkata has been experiencing a restrained realestate activity, as it faces passive demand andsignificant unsold inventory. Consequently, newlaunches have taken a back seat in the city.
“2 and 3 BHK configurationstogether accounted for morethan 80% of the property
searches in Kolkata in Q1 2020,as mid segment end-userscontinued to dominate the
market.”
- Close to 60% of the consumer searches tookplace in the lowest price bracket of ‘less thanINR 4,000 per sqft’, clearly depicting preferencefor affordability.
- A demand-supply mismatch was visible in ‘lessthan INR 4,000 per sqft’ and ‘INR 4,000-6,000per sqft’ segments, though it was more acute inthe former.
- Newtown-Rajarhat, North Kolkata, Central,and South East Kolkata were the top 4micro-markets in the city, supported by factorssuch as affordability, better access to IT hubsand sound connectivity to the airport.
- Localities on the west of Hooghly continued toperform poorly due to lack of connectivity withCBD and commercial hubs
Top Micromarkets by consumersearches
Propensity of demand and supply in terms of searches andlistings by localities
1 BHK4%
2 BHK43%3 BHK
45%
Above 3 BHK8%
SUPPLY
> 8,0009%6,000-8,000
12%
4,000-6,00036%
< 4,00044%
SUPPLY Price buckets in INR per sqft
Top Micromarkets by active listings
6,000-8,0009%
> 8,0005%
4,000-6,00027%
< 4,00058%
DEMAND Price buckets in INR per sqft
Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by BHK configuration
Source: Magicbricks Research
.Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by price buckets
Source: Magicbricks Research
Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q1 20202. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Chandannagar
Action Area 3
Barrackpore
Maheshtala
Andul Road
Beleghata
Baruipur
Howrah
Rajpur
Andul
Joka
© OpenStreetMap contributors
Demand/SupplyDemand
Newtown-Rajarhat 2450 - 6000
North Kolkata 2050 - 8500
Central Kolkata 2900 - 16150
South-East Kolkata 2800 - 9650
Howrah 2050 - 4500
South-West Kolkata 2450 - 5850
South Extension 2750 - 6150
11
22
33
44
75
56
67
Newtown-Rajarhat 2450 - 6000
South-East Kolkata 2800 - 9650
North Kolkata 2050 - 8500
Central Kolkata 2900 - 16150
South-West Kolkata 2450 - 5850
South Extension 2750 - 6150
E M Bypass 1950 - 9950
11
42
33
24
55
66
87
Micro-Market Price Range Rank Rank Q1-20 Q4-19
Micro-Market Price Range Rank Rank Q1-20 Q4-19
Page 2© magicbricks.com
Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 20202. Color of the bubble represents price change in Q4 2019, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
LocalityAvg.Price
PriceChange
Barasat
Hindmotor
Barrackpore
Rajpur
Uttarpara
Khardah
Dum Dum Cantt.
Thakur Pukur
Madhyam Gram
Sonarpur
Paschim Putiary
Sodepur
Rajpur Sonarpur
Airport Area
Birati
0.7%
-5.6%
-6.1%
4.8%
-6.3%
0.2%
0.9%
-3.5%
-1.0%
-0.6%
1.9%
-0.8%
3.7%
-2.2%
7.5%
-0.8%
1.2%
-2.9%
4.4%
-2.9%
1.0%
2.6%
5.5%
6.9%
5.5%
2.8%
-1.5%
-4.2%
3.1%
-2.9%
-4.0%
-6.4%
-1.2%
-7.5%
5.4%
-7.5%
1.3%
3.2%
-4.1%
7.5%
1.0%
-2.8%
-1.9%
-7.5%
-7.2%
-1.8%
3,960
3,898
3,885
3,838
3,805
3,803
3,801
3,787
3,782
3,736
3,728
3,696
3,694
3,688
3,676
3,673
3,669
3,655
3,640
3,612
3,543
3,525
3,518
3,516
3,510
3,508
3,475
3,381
3,361
3,355
3,324
3,258
3,241
3,220
3,205
3,191
3,166
3,113
3,082
3,068
3,049
3,040
2,951
2,836
2,684
2,512
< INR 4,000 psf INR 4,000-6,000 psf INR 6,000-8,000 psf > INR 8,000 psf
Price Analysis Kolkata Jan-Mar 2020
- Localities closer to airport, having easy access to key job hubs of New Town and Sector V, witnessed price increase of 1-7% in Q1 2020. These include DumDum, Jessore Road, Baguiati, Nager Bazar, Keshtopur, New Town and Rajarhat
- Established South Kolkata localities appreciated by 2-7%, including Jadavpur, Dhakuria, Lake Gardens, and Prince Anwar Shah Road Source: Magicbricks Research
LocalityAvg.Price
PriceChange
Lake Gardens
Salt Lake City
Haltu
Salt Lake Sector-5
New Alipore
Hiland Park
Topsia
E M Bypass
Kankurgachi
Park Circus
Jodhpur Park
EM Bypass (SE) 7.5%
0.0%
-2.6%
-3.5%
0.6%
-2.4%
-1.1%
-1.6%
-1.1%
-1.7%
0.8%
2.7%
7,677
7,331
7,075
7,074
7,015
6,984
6,882
6,670
6,626
6,448
6,280
6,249
LocalityAvg.Price
PriceChange
EM BypassExtension
Kalighat
Bhawanipur
Ballygunge
Prince Anwar ShahRoad
Gariahat
Keyatala Road
Southern Avenue
Alipore -5.1%
5.9%
7.5%
7.5%
7.5%
4.6%
-1.0%
0.2%
7.5%
13,122
10,803
10,730
10,670
10,058
9,574
9,455
8,823
8,093
Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q1 2020. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q1 2020, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research
Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.
Q1 2020 Price changes for the city's major localities
Locality Avg. PricePrice
Change
Garia
Chinar Park
Nager Bazar
Hussainpur
Madurdaha
Rajarhat Main Rd.
Naktala
Purbalok
Santoshpur
Action Area 3
Lake Town
Rajarhat
Bangur
Bangur Avenue
Kalikapur
0.5%
7.5%
7.5%
-1.7%
6.5%
3.4%
2.0%
5.5%
2.0%
-4.3%
1.4%
-3.9%
-2.9%
-2.0%
-5.3%
-6.4%
2.2%
-4.8%
1.1%
-0.6%
-2.3%
-1.0%
5.9%
1.1%
1.3%
6.3%
-1.1%
-0.8%
5,670
5,531
5,431
5,414
5,386
5,344
5,338
5,046
4,927
4,924
4,885
4,872
4,811
4,685
4,659
4,658
4,644
4,641
4,631
4,621
4,436
4,432
4,425
4,378
4,363
4,230
4,226
4,059
Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Prateek Pareek | Assistant [email protected] [email protected] [email protected] [email protected]
Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
For more information and research related queries, please contact:
Madhyam Gram3.2%
Action Area 1-2.9%Action Area 3
1.1%
Airport Area-1.2%
Barrackpore-7.5%
Maheshtala-1.5%
Dum Dum5.5%
Sodepur5.4%
Howrah-2.9%
Behala-3.5%
Rajpur-1.9%
Joka0.2%
© OpenStreetMap contributors
-7.5% 7.5%
-5% -2.5% 0% 2.5% 5%
Page 3© magicbricks.com
