As the country’s various markets start to slowly come out of the pandemic-era lethargy, Kolkata’s real estate market records the fastest recovery to pre-pandemic sales and launches – with a 75% jump in bookings in the Q3 (July-September) of this financial year.
This rise in demand has also influenced developers to launch many more products: only 756 residential units were launched in Apr-Jun of 2021, as opposed to 3128 in Jul-Sept 2021. This rise in market activity is expected to continue at least till the end of October, which is when this offering expires. This only means that real estate developers and home buyers are in a hurry to take the rebate and cash in on the deal.
In fact, developers have communicated their eagerness in having this offer extended till the end of December. Recently, the Bengal division of CREDAI (the Confederation of Real Estate Developers’ Association of India) has written to the state’s finance minister and finance secretary, requesting them to consider extending the offer till the 31st of December, 2021. CREDAI’s president says, “The response to the stamp duty cut and circle rate reduction has been tremendous.” Clearly, such a move would seem to benefit both developers and home buyers.
These are the right conditions for home buyers to invest in real estate or make this all-important purchase. At Gems Bougainvillas, we have also seen healthy engagement with home buyers in the last few months and have launched four new ranges of bungalows and villas, one of which is entirely sold out and the other three are being swiftly picked up by discerning buyers from all over the state.
The question is, does the State government’s offer alone explain this spike in demand? Or are there other reasons, too? It could be that the country is beginning to shake off the covid-stress and refresh itself. It could also be that the pandemic has exposed many families to the need for more space at home, or revealed the importance of having open space around their house. Being compelled to spend months at home with nowhere to go and having to work from home all the time may have forced people to look at their home in a new way.
Our experience at Gems Bougainvillas has been that people by default appreciate more space, proximity to nature, and usually prefer calm over fancy. This is why we feel that bungalows can inspire feelings of love for a certain way of life. We look forward to hosting more families at the site office, and show them our wide range of bungalows and villas.
Tax breaks boost real estate demand…
