Demand for luxury homes is on the rise and is expected to stay.

Sahil Saharia, Chief Executive Officer, Shristi Infrastructure Development Corporation

India's real estate market has seen a revival last year. How was the real estate market in the eastern part of the country?

The country's real estate market has been optimistic for quite some time now. The government has made positive moves to support the real estate sector in the eastern region also. There have been several extensions in terms of rebates on stamp duty as well as rebate on circle rates. Coupled with these were favourable monetary interventions that have pushed up demand for real estate in eastern India.  

How is the demand picking up for real estate projects in Kolkata and other eastern markets?

As per a recent report, since the pandemic, when people became aware of the need for larger flats to meet both work-from-home and online class requirements, the average home size has risen by 15% because of increased earnings and rising aspirations to possess larger homes. The demand for luxury homes is on the increase. In the tier 2 cities, where we mostly operate, both the residential and commercial sectors have experienced steady growth, with affordable residential projects taking the lead. Since there has been a healthy demand, real estate developers are optimistic.

How are the infrastructure developments influencing the real estate market growth in the eastern region?

There have been quite a few infrastructural developments in the eastern region of late. In Kolkata, the expansion of the Kolkata Metro has made seemingly offbeat locations easily accessible. The development of roadways and other infrastructure mediums connecting the tier 2 cities have influenced homebuyers to look at the option of buying a second home there. Our premium project, 'The V' in Newtown has also seen increased sales and enquiries.

Which are the latest projects coming up and how is the customer demand?

There are upgraded expansion of our existing projects in Shristinagar, Asansol. Keeping in view the increasing demand for luxury homes we have started construction of the new tower for 'Tarang' - the luxury homes. The work for the third tower of Sangati, our affordable housing project, is also on. The upgraded 'Townhouse' is also on the anvil. The work for Shristinagar, Guwahati, the city's first integrated township, is in full swing and the pots under the first phase are all sold out. The demand for 'The V' in Newtown is also high.

How do you look at the overall market opportunities in the region? What could be the trends to look for in future?

Favorable government policies will keep driving up demand for real estate in the coming dates. Planned townships with good amenities and facilities will continue to be in high demand. Demand for luxury homes is on the rise and is expected to stay. Affordable housing will have a steady growth in the near future.

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