East Kolkata Surpasses South in Real Estate Prices for the Second Consecutive Year
For the second consecutive year, East Kolkata has surpassed South Kolkata in real estate prices for properties under ₹2 crore. A recent report by Kolkata’s leading real estate consultancy firm, NK Realtors, highlights the growing demand for apartments in East Kolkata, particularly in the Park Circus-Tangra-Topsia-Beliaghata belt, where price growth has outpaced traditionally dominant southern neighborhoods like Tollygunge, Bhowanipore, Kasba, Santoshpur, Garia, and Patuli.
Rising Property Prices: A Shift in Market Dynamics
The report reveals that while South Kolkata’s average apartment prices increased by 17%, rising from ₹9,864 per sq. ft to ₹11,553 per sq. ft, East Kolkata saw a more dramatic 25% increase, with prices climbing from ₹10,573 per sq. ft to ₹13,174 per sq. ft. This significant appreciation indicates a shifting preference among buyers.
Manav Agarwal, Chief Data and Marketing Officer at NK Realtors, emphasized the changing landscape, "The Tangra-Topsia belt is emerging like Worli or Lower Parel in Mumbai," he stated, highlighting the rapid urban development and increasing premium housing demand in this region.
Even in the premium real estate category, projects in Tangra are now competing with South Kolkata, while properties near Science City and EM Bypass are seeing higher prices than prime southern localities like Ballygunge and Jodhpur Park.
Overall Market Trends: Sales and Inventory Levels
Kolkata’s overall real estate market experienced a 12% rise in average prices, increasing from ₹5,923 per sq. ft to ₹6,655 per sq. ft. Sales in 2024 grew by 7% compared to the previous year, but supply dropped by 16%, leading to a faster absorption of inventory. The time required to sell available properties reduced from 21 months in 2023 to 15 months in 2024, reflecting a growing demand-supply gap.
3BHK apartments continued to dominate the market in terms of supply and sales in 2023 and 2024. However, demand for 2BHK units is rising at a faster rate, surpassing available inventory, which could drive further price increases in the near future.
Sales Volume: East Kolkata Leads the Market
While East and South Kolkata are competing in terms of property price growth, East Kolkata has emerged as the leader in sales volume. The highest number of property transactions took place in extended East Kolkata localities, including:
- Rajarhat, Chinarpark, New Town, and Mahisbathan, with 3,716 units sold.
- South-West Kolkata areas, such as Taratala, Behala, Thakurpukur, Joka, Maheshtala, and Amtala, recorded 1,629 unit sales.
Despite this, East Kolkata had the lowest absolute number of sales at 496 units, indicating that while prices are rising sharply, availability remains constrained compared to other regions.
The sustained rise in East Kolkata’s property prices signals a significant market shift. The area’s strategic location, infrastructure development, and growing preference for high-end housing are making it an attractive investment hub. With demand rising for 2BHK units and premium projects, East Kolkata is set to further strengthen its position as the new hotspot for real estate in Kolkata.
