Latest News | Kolkata's Residential Market, I&L Sector Supply Poised to Witness 5-year High in 2023

Kolkata, Nov 20 (PTI) The residential market and industrial and logistics (I&L) sector supply in Kolkata are poised to witness a 5-year high supply in 2023, real estate consultancy firm CBRE said on Monday.

Officials said that the supply in the I&L sector is expected to nearly double to 5.2 million square feet in 2023, despite an estimated marginal decline in absorption during the same period.

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In 2022, the supply was 2.7 million square feet in Kolkata.

This surge in supply is attributed to the completion of pending projects across the city and its peripheries, the consultancy major said.

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Kolkata boasts nearly 10 million square feet of Grade A logistics developments in the NH-2, NH-6, and Taratala regions.

Particularly in NH-2, industrial zones like Dankuni and Singur are emerging, and in NH-6, evolving areas like Uluberia are gaining prominence.

Anshuman Magazine, CBRE's Chairman & CEO - India, Southeast Asia, Middle East & Africa, said, "The current real estate landscape in the state, particularly in Kolkata, is witnessing a transformative phase where the infusion of quality supply is fueling absorption, propelling the growth trajectory of the state's real estate sector."

He also stated that the residential market in Kolkata is likely to witness a 5-year high in sales and launch unit-mark in 2023.

It is estimated that the projected sales will cross 18,600 units in 2023, whereas new units launched will touch around 17,800 mark.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)