Mr Arya Sumant, Managing Director, Eden Realty Group
"As
the sun sets on another remarkable year in Kolkata's real estate
sector, we reflect on a journey of resilience, innovation, and growth.
In the city of joy, the real estate landscape has not just witnessed
transactions, but woven stories of dreams finding homes. Kolkata's
property market, like the Howrah Bridge, has connected aspirations with
opportunities, creating a skyline that mirrors progress and promise. We
expect access to easy housing loans to cater to the under-served
segment, giving them an opportunity to own a home of their own. As a
whole, we do expect that the government will continue to give impetus to
the real estate sector for an overall growth of the economy.”
Mr Sahil Saharia, CEO, Shristi Infrastructure Development Corporation Ltd.
We expect that the focus on affordable housing will continue to be there. Affordable housing is not just about improving living conditions; it is a catalyst for social and economic development. Access to easy housing loans is expected to cater to the under-served segment, giving them an opportunity to own a home of their own. As a whole, we do expect that the government will continue to give impetus to the real estate sector for an overall growth of the economy.
Rishi Jain, Managing Director, The Jain Group
The
Indian real estate sector, particularly in Kolkata, has witnessed a
remarkable journey in 2023. Despite the challenges posed by high home
loan interest rates, the industry has shown robust demand, underpinned
by significant macroeconomic growth and government-led infrastructure
development. Undoubtedly, the global economic uncertainties are there,
but domestic demand and self-reliance have trounced the naysayers and
will continue to do so.Industry reports, such as those from The Economic Times and Financial Express, highlight the resilience and potential of the market. The year 2023 marked a transformative period, especially for residential housing, with a notable surge in demand for homes in urban areas.
Commercial real estate also experienced positive trends, with retail leasing hitting all-time highs post-pandemic and significant investments in commercial assets like office space, co-working spaces, and hotels.
Kolkata, a city renowned for its rich heritage and vibrant IT culture, has emerged as a hotspot in this real estate upswing. Areas around the airport, particularly Madhyamgram and Rajarhat, have continued to attract significant interest over the past two years. This trend is a testament to the city's growing appeal as a residential and commercial hub.
Looking ahead to 2024, there is a wave of optimism sweeping through the market. I foresee a bullish trend in the residential sector, especially for branded properties and credible developers like Jain Group with established track records and industry laurels to their name. This optimism is echoed in recent surveys and reports, which suggest a continued upward trajectory for the industry.
I expect the real estate market to continue growing, albeit at a more moderate pace due to the high base effect of 2023. But 2024 has the potential to surprise us all, and how …
Government initiatives, including recent Investment roadshows and thrust on infrastructure projects, have played a pivotal role in bolstering the market's confidence. These efforts are not only enhancing the city's landscape but also making Kolkata an attractive destination for investors and homebuyers alike.
As we step into 2024, the Indian real estate sector, particularly in Kolkata, stands at the cusp of a new era of growth and prosperity. Undoubtedly, the mood is optimistic, but it is not ‘Blind Optimism’ but rather a ‘cautious calibrated Optimism’, betting Big but butting big on brands, is the new industry mantra.
