Kolkata: Prospects of Real Estate in East
Mar 2010:
The real estate industry across quarters seems to have come out of the worst times post meltdown, when off takes were low and buyers as well as investors remained watchful and fence-sitters. Things are definitely looking better.
If we consider real estate is to be a crucial aspect of social and urban development, then we have just about touched the tip of the iceberg as far as the prospects of real estate in the East go. In every segment of Real estate, be it in housing, retail or even commercial space, there are promising prospects.
From a developer's view point, we have seen a very healthy pick up in demand in the past few months. The response has been triggered by the residential sector, particularly in the value for money segment. The market has shown clear signs of improvement which has encouraged us to surge ahead with our plans and projects.
One important aspect is that post the slowdown, there is a distinct premium to quality products and developer track record. Whilst other metro cities, have seen unprecedented highs and lows in terms of pricing and sometimes an imbalanced demand - supply situation, prices in East, specially in Kolkata have largely continued to remain stable.
The customer today, who is far more discerning, also enjoys a better product both in the retail as well as the residential category and is prepared to pay a premium for the same. Also, the customer is likely to continue to enjoy softer home loan rates which too will give a further impetus to the industry.
There is also a significant opportunity in further harnessing the Public Private Partnership (PPP) model and creating many more successful residential projects, which would also look into the much needed social housing.
Source: Mint | Back to Realty News