Perhaps, after going through decades of “stable stagnation”, thanks to Leftist morons and their belligerence and Center’s anti-Bengali Hindu mindset, Kolkata is having a resurgence. Recent reports suggest that Kolkata, once called the second city after London in British Empire, is gearing up bit by bit through capitalizing on the recent worldwide developments and has already started surpassing other prominent Indian cities, especially in the realty sector.
In accordance with the National Housing Bank’s (NHB) Residex—an index of property prices, property values in Kolkata have risen at the fastest pace among Indian metros ever since 2007. To be brief, property values in Kolkata did increase by an average of 16.8% while those in Bangalore fell by 15.6% in the period. Fewer speculative deals and lower base prices witnessed the eastern Indian metropolis surpass hotter property markets such as Mumbai and Delhi, where property values rose at a comparatively sedate average of 7.5% and 7.3%, respectively.
What is the job of NHB residex then? NHB residex had its inception in July 2007 and is credited for measuring property prices in six-monthly intervals precisely. The index, at this point in time, captures data submitted by a variety of sources, including housing finance companies and real estate agents, for 15 cities, with plans to widen the index to 63 so-called tier I cities and state capitals in the future. As per NHB, among the 15 cities, only the Bengal capital Kolkata, Faridabad in the national capital region, and Bhopal in Madhya Pradesh saw average double-digit growth in this period.
What has led to this sudden development? On the word of NHB officials, one of the reasons for Kolkata’s numbers was people investing the proceeds of the Sixth Pay Commission payouts last year. Jaipur, on the other hand, did face declines on account of massive oversupply.
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