Kolkata’s housing market booms, sales expected to cross 17,000 units in 2024

Kolkata is set to record higher home sales than Chennai in 2024, with sales likely to exceed 17,000 units and a total value approaching ₹12,000 crore, according to a report by global real estate consultant JLL. Between January and September, over 13,500 homes were sold in Kolkata, amounting to ₹8,869 crore in value and covering a built-up area of 15.2 million sq ft.

During the same period, Chennai recorded 9,263 home sales, which is 32% fewer than Kolkata. However, the value of Chennai's home sales was only 10% less due to its higher average property prices. Chennai’s total built-up area sold was pegged at 12.3 million sq ft, reflecting smaller units sold in comparison to Kolkata.

Among India’s top real estate markets, Bengaluru led with 51,512 units sold, closely followed by Mumbai with 50,209 units. In terms of value, Delhi NCR emerged as the frontrunner, clocking ₹1.2 lakh crore in home sales, followed by Mumbai with ₹94,883 crore. Kolkata's market, driven by affordable housing projects, has shown steady growth this year.

Delhi NCR also dominated in terms of the built-up area sold, with a staggering 89.9 million sq ft, followed by Bengaluru at 73.5 million sq ft. Kolkata and Chennai's contributions, though smaller, indicate a robust demand for affordable and mid-segment housing.

JLL's report predicts that 2024 will close as one of the best years for India’s residential market. By the end of the year, over 3 lakh homes worth ₹5.1 lakh crore and covering 485 million sq ft are expected to be sold across the top seven cities. This growth is attributed to strong sales in premium housing, particularly in Delhi NCR.

Samantak Das, JLL India’s chief economist and research head, stated, “India’s residential market continues to remain on strong footing. With nearly 2.3 lakh homes sold across top cities in the first nine months, 2024 is poised to break previous records.”