Kolkata: Kolkata Metropolitan Region reported registrations of 3,936 apartments, recording a 17 per cent year-on-year (YoY) growth in March, this year.
According to a survey report of the real estate consultancy firm, Knight Frank India, the real estate sector’s long-standing demand of making the stamp duty rebate extension a permanent feature of the Kolkata market would go a long way in bolstering the residential sales momentum. The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods.
The share of units under 500 sq ft increased from 24 per cent in March 2023 to 45 per cent by March 2024.
Apartments sized between 501 to 1,000 sq ft constituted for 48 per cent of the total registrations in March 2024, down from 52 per cent a year earlier. Notably, units exceeding 1000 sq ft decreased from 25 per cent to 7 per cent during the
same period.
Abhijit Das, senior director, East, Knight Frank India, said: “Considering that the registration data continues to ratify that a substantially large majority of apartments sold in Kolkata are below 1000sft, it is hence worthwhile for all the stakeholder to figure out how to create large land parcels which are affordable, connected & supported by social infrastructure.
These land parcels can then be developed into efficient yet affordable Apartment Projects for consumers.” In March 2024, the South Zone led Kolkata’s apartment registration tally with a 44 per cent share of the total, down from 46 per cent a year prior.
The North Zone followed with a 30 per cent share, up from 25 per cent in March 2023. These two zones remained popular due to affordable options dominating the residential market. The share of West and East zones saw marginal increase, while the Central Zone’s share remained unchanged, said
the report.