Top 5 Factors Driving Kolkata’s Real Estate Growth in 2023
Kolkata’s real estate market is booming in 2023 due to various factors such as economic growth,& infrastructure development. Keep yourself updated by reading this article.
Kolkata’s real estate market has been experiencing a significant boom in recent years, and 2023 looks to be no exception. With a 17% increase in new launches in the residential sector alone in 2022, the city’s real estate industry seems poised for further growth. Let’s get a clear picture of the upcoming market trends from real estate industry overview.
The top 5 reasons behind Kolkata’s real estate market’s current boom.
- Growing economy and infrastructure development
West Bengal’s finance minister, Amit Mitra, has recently stated that the state was at the top with GDP rankings, marking a 12.58% growth during the financial year of 2018–19. This economic growth has paved the way for significant infrastructure development in Kolkata, including the expansion of the metro railway network and the construction of new flyovers, bridges, and expressways. This has opened up new areas for real estate development, making Kolkata a prime destination for real estate investment.
2. Credai Bengal initiative
The Confederation of Real Estate Developers Association of India (CREDAI) has launched the “CREDAI Bengal” . Such real estate initiatives in bengal help to promote real estate development in the state. This initiative has brought together builders, developers, and real estate professionals under one umbrella, facilitating knowledge sharing and collaboration in the industry.
3. Real estate events and initiatives
Several real estate events and initiatives have been organized in West Bengal to promote the industry and attract investment. For instance, the Bengal Real Estate Summit and Expo was held in 2022 to showcase the latest developments and opportunities in the state’s real estate sector. The government has also introduced several policies and initiatives to ease the process of acquiring land and obtaining necessary approvals, making it easier for developers to start and complete projects.
4. Credai approved builders in Kolkata
CREDAI has approved several builders and developers in Kolkata, ensuring that they adhere to industry standards and deliver quality projects. This has increased the confidence of buyers and investors in the city’s real estate market, leading to increased demand and growth.
5. Affordable housing
Kolkata’s real estate market is unique in that it offers affordable housing options, making it an attractive destination for both first-time homebuyers and investors. The city’s real estate market offers a wide range of options, from small apartments to spacious villas, catering to different budgets and preferences.
Conclusion
The city’s real estate industry is poised for further growth, making it an attractive destination for real estate investment.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) is the parent organisation of CREDAI Bengal, a real estate association in West Bengal. It is a lobbying organisation that defends the rights of real estate investors that work on the construction of commercial and urban housing projects. CREDAI Bengal organizes various real estate events in West Bengal to promote the real estate sector and bring together all the stakeholders of the industry.
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