The real estate sector is one of the fastest growing sectors worldwide. There is a constant demand to rent commercial, residential, and hospitality spaces. Infiniti research has conducted a market intelligence study to determine that the realty sector will grow at a more than 11% CAGR. This includes rising demand for residential and commercial space. It is important to understand the current rate of property sales in Kolkata before purchasing luxury bungalow for sale in kolkata. The market is constantly changing due to market conditions. This, combined with ongoing pandemics, makes it unpredictable.
Current Situation of Real Estate in Kolkata
Luxury bungalows for sale in Kolkata are being built to promote wellbeing, as there has been an increase in demand for sustainable living options amid the covid crisis.
In light of the current situation holistic living has a new meaning. HNIs (High net worth individuals) and UHNIs (Ultra-high net worth individuals) are looking for places in the city.
As investors realize that now is the best time to invest in luxury homes, there is a high demand for luxury properties worth 1.2 million. The luxury residential market in Kolkata saw a strong start to 2020, with more units being sold by builders.
The Key Takeaways
The Covid-19 pandemic, which has affected all sectors of the real estate industry, has created a shadow that has had a significant impact on architects and designers from all levels. PropEquity, a leading real estate data analytics company, stated that luxury housing sales rose to 21% in February 2020 due to a higher demand for larger and more open spaces. This was due to the increased number of people working from home.
In the past 6 months, Kolkata has seen a rise in luxury bungalow price in Kolkata. This is due to lower interest rates on home loans, lower prices and a decrease in stamp duties.
Many millennials have decided to rent rather than buy properties and have since changed their mind by focusing on acquisition. Due to the increase in ultra-luxury bungalow price in Kolkata, which have risen in the past six months due to the pandemic, we can expect 40% growth in this fiscal year.
Remote working is becoming a necessity in today’s world, as opposed to traditional office spaces. The top architects of Kolkata have set out to create alternative spaces that are clean and healthy. They rely on the right tools to make it a productive environment.
Kolkata’s housing architects are creating a variety of spaces that can be used as offices or homes with the most modern amenities. This allows people to purchase homes that meet their current needs.
Take a bow
Owning a luxurious home in Kolkata represents personal and social growth. Many people dream of owning a home in Kolkata, which is also the capital of India. Many people love the luxury residential and commercial properties designed by Kolkata’s top architects. Real estate is booming in Kolkata and the city has successfully adapted to changing times.