Kol office space demand doubles but residential sales dip in Q2 2025
Kolkata: Demand for office space in Kolkata doubled to 6 lakh sq ft from 3 lakh sq ft in the April-June quarter, even as residential sales stuttered and fell by 10% against Jan-Mar 2025, with approximately 3,525 units sold in the second quarter of 2025.
According to Colliers, a global diversified professional services company specialising in commercial real estate services, engineering consultancy, and investment management, the absorption of 6 lakh sq ft comes as a major boost in the wake of just 1 lakh sq ft absorbed in the Jan-Mar quarter.
The 7 lakh sq ft absorbed in the Jan-June period is a 40% hike over the 5 lakh sq ft absorbed in the first half of last year.
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The encouraging development in office space transactions was somewhat offset by the sub-par performance in residential real estate, with 7,425 units sold in the first half of 2025, 28% less than the 10,290 units sold in the corresponding period last year.
Kolkata added 2,505 units in April-June 2025, a dip of 54% over Jan-June 2025 and a 17% rise against April-June 2024. Around 48% of the new supply was added in the mid-segment (Rs 40 lakh-Rs 80 lakh).
According to real estate consultancy firm Anarock, one of the prime reasons for the declining sales was the geopolitical tension both on the domestic front and at the global level, which pushed many homebuyers into the wait-and-watch mode amid job insecurities.
Increasing property prices have also made property buying quite unaffordable for many.
Despite the headwinds, new supply in the city increased by over 23% in the first half of 2025 to 7,905 units, up from 6,440 units in Jan-June 2024. With added new supply in the city over the last half of 2025, the unsold stock in the city has seen a 3% increase.
However, the industry is optimistic about the future. With a tentative return to normalcy on the geopolitical front, a resurgence of the stock markets, and a gradual easing of interest rates after a massive repo rate cut, there is every reason to look forward to renewed momentum in the Kolkata housing market.
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