Hostile Climate Drowns Realty Sentiments in Kolkata

By: George Gonigal

With record rains hitting Kolkata this year, the property market was in the doldrums with business dipping down by almost 60 per cent. While each year the rainy season spans two months of August and September, this year it lingered from July end till October.

According to Dibyendu Bhattacharya of Dreamz Solutions, a property consultancy, 'Site visits are hampered due to rains. Travel and networking within the city is an inherent part of our business and this is deterred due to rains.'

Rainy season in Kolkata is an annual phenomenon from July till Sep end and excessive rains like the ones completely throw life out of gear and it's common to find water logged roads, houses getting damaged, people dying of electrocution, boats being used for wading across waist deep waters, trains getting disrupted, and city coming to a halt in general.

The only segment in real estate which is still active is retail. Property brokers inform that beginning of rainy season is just the right time for say an apparel outlet to come and set up business as they have to capture the buyers during the festive season of Durga Puja in September. There are few deals in commercial real estate as most offices and retailers want to start operations after rainy season. There are some transactions in the residential sector of end users buying, selling and renting out or taking properties on rent.

The property market starts reviving as soon as rainy season ends and the bets time of the year is this winter period from November till March. This is the time when the Kolkata property market is buzzing with activity and there are property fairs, exhibitions, seminars.

This year too, just when the rainy season ended, the DLF group announced its property projects in Kolkata. New Town Heights, a premium residential project and other township projects were launched in Dankuni and Durgapur. This is the period of the highest sales of all real estate and related financial products such as home loans, insurance products as the people also want to avail of the tax benefits before the close of the financial year.

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