The world’s housing markets moved clearly down during the year to the first quarter of 2012, according to the Global Property Guide’s latest house price indices survey. House prices fell in 24 countries, of the 36 countries for which quarterly house price statistics are available, and rose in only 12 countries.
There is no doubt that the property prices in almost all the micro market of eastern city is going northwards, yet uncertainty looms large over Kolkata realty. There have been less transaction and even lesser new launches in the city, even when the state chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI) demands ten satellite towns in the state.
During the year 2011 when almost all other matured property market witnessed dip in transaction and price correction was on everyone’s lip, Bangalore registered both healthy transaction as well as upward price movement.
It may be momentary down because of rising interest rate, macro economic hue, affordability issues borne out of demand-supply mismatch and overall market sentiments, but forecast for the residential real estate is definitely robust.
The year 2011 can best be described as a lackluster year for Indian real estate sector. There were several headwinds that prevented the sector from delivering to its full potential.
Even as global economic slowdown and uncertainty in financial markets have battered the real estate industry countrywide, properties in Kolkata and Chennai bucked the trend with steady demand in affordable and mid-segment housing.
It has been quite some time that Mamata Banerjee took over the rein of West Bengal after 34 long years of Left Front rule.
In one of the decade’s largest real estate deals in Kolkata, Ambuja Realty has acquired the RMZ block of Ecospace Business Park in New Town, Rajarhat, Kolkata.
The festivities around Navratra and Diwali are known to cheer up the sentiments of the property market.
Ever since the National Housing Bank (NHB) started preparing residex – an index for tracking the prices of residential properties in 2007, Chennai has been in the news for steep increase in residential prices.