Kolkata: South Kolkata’s dominance in property prices has been overtaken by East Kolkata for the second consecutive year, particularly in the below-Rs 2 crore segment. According to a recent report from NK Realtors, the largest real estate consultancy in the city, properties in the Park Circus-Tangra-Topsia-Beliaghata area have surpassed those in traditionally coveted south Kolkata neighborhoods such as Tollygunge, Bhownipore, Kasba, Santoshpur, Garia, and Patuli.
While average property prices in South Kolkata rose by 17%, from Rs 9,864 per sq ft to Rs 11,553 per sq ft, East Kolkata saw a significant 25% increase, with prices climbing from Rs 10,573 per sq ft to Rs 13,174 per sq ft. “The Tangra-Topsia belt is becoming as influential as Mumbai’s Worli or Lower Parel,” noted Manav Agarwal, Chief Data and Marketing Officer at NK Realtors.
In the premium property segment, Tangra is becoming a serious competitor to south Kolkata, with two properties near Science City on the EM Bypass even surpassing prices in elite areas like Ballygunge and Jodhpur Park. Overall, the average residential real estate price in Kolkata rose by 12%, from Rs 5,923 per sq ft to Rs 6,655 per sq ft.
The market saw a 7% increase in sales in 2024 compared to the previous year, but new supply decreased by 16%, leading to a drop in the inventory turnover time from 21 months in 2023 to 15 months in 2024. The most commonly sold units were 3BHK apartments, followed by 2BHK units, with demand for the latter continuing to rise.
In terms of sales volume, the extended eastern region of Kolkata, including Rajarhat, Chinarpark, New Town, and Mahishbathan, led with 3,716 units sold. This was followed by the south-western areas of the city, like Taratala, Behala, Thakurpukur, Joka, Maheshtala, and Amtala, which saw 1,629 units sold. Conversely, East Kolkata itself recorded the fewest sales at just 496 units.
