KOLKATA: Small builders are feeling the heat. Many are offering 5%-7% discounts to recover money stuck in projects. The top end of the market where apartments cost over Rs 1 crore has witnessed a softening.
“Premium projects are under pressure. There aren’t enough buyers for apartments priced at Rs 8 crore-18 crore. One can bargain for a 10%-12% discount in this segment,” Pawan Agarwal, director of NK Realtors, the region’s largest realty firm, says.
Most high-end projects are spread across south Kolkata. In places where the price is less than Rs 10,000 a sq ft, major developers are holding firm to their price lines.
“There has been no price dip in formatted developments. In housing stock under Rs 6,000 a sq ft, there is still an upward trend,” Jitendra Khaitan of realty firm Pioneer Properties, says. Developers of several 5-6 storeyed buildings popping up off Lansdonwe Road, Deshapriya Park, Christopher Road, VIP Road, Lake Town and Kankurgachi have hiked prices by 5% this year following strong demand.