Calcutta, Oct. 15: The real estate market in Calcutta has begun to feel the global pinch.

Prices are still to fall unlike in other markets but sales have slipped, both in residential as well as commercial properties, in the past two months.

“The September-to-February season is the best time for the real estate market in Calcutta. Sales go up by 15-20 per cent during this time. But I have not seen that happening so far,” said Abhijit Das, managing director (Calcutta) of property consultancy Jones Lang LaSalle Meghraj.

The slump in sales is across all price categories and localities of the city.

Speculators — those who pay a few instalments and sell out — have exited the market, investors — those who take delivery and wait for a few years before selling — are also wary of making acquisitions.

“Calcutta is an end-user-driven market. But investors had started cornering 25 per cent of the market. That has gone down significantly,” N.K. Agarwal, the director of NK Realtor, said.

But he declined to say the Calcutta market has turned bearish, preferring to wait for 15 more days before making a conclusion.

Others said even end-users had started deferring purchases. “Salaried individuals are taking a wait-and-watch policy,” Das said.

M.K. Jalan, the chairman of real estate developer Keventer Projects, felt a slump was taking shape. “I have deferred the decision to build a new property in Alipore. There is no buyer in the market at this point. Investors are cancelling bookings.”

Sushil Mohta, the managing director of Merlin Projects, said: “Some developers may put new projects on hold, keeping in view the current market condition.” But Mohta added that he did “not see a big impact” and expected sales to pick up post-Diwali.

The industry is pinning hopes on the measures taken by the RBI and the government to improve liquidity, which could lead to interest rate cuts. “If home loan rates come down, the buyers will come back to the market,” Das said.