About 6,238 residential properties registered in city in August: Data

KOLKATA: At least 6238 residential properties were registered in Kolkata Metropolitan Area (KMA) in August 2022. This has been the third-highest month in terms of registrations since the inception of the stamp duty window in July 2021.

The stamp duty cut was initially proposed in mid-July 2021, post which the market sentiment towards home ownership continued to improve.

The data sourced from the Directorate of Registrations and Stamps Revenue, Bengal government and Knight Frank India Research noted that sales have seen a 15 per cent year-on-year (YoY) decrease over the August 2021 figure. About 7316 residential documents were registered in August 2021. Of the various configurations, homes in the range of 47-92 sq m (501-1,000 sq ft) continued to account for nearly half or 49 per cent of the total registrations in August 2022.

The bigger unit sizes of more than 93 sq m (more than 1,001 sq ft) comprised 26 per cent share of the total pie. Smaller units of up to 46 sq m (up to 500 sq ft) comprised one-fourth share of the total.

Since the stamp duty cut announcement, about 57,136 residential properties have been registered in KMA.

The numbers capture all residential sales documents registered with flat/apartment sizes mentioned, the registration data comprising transactions in both the primary and secondary markets. August 2021 saw the highest number of residential sales agreements being registered in KMA since the inception of the stamp duty window in July 2021. In line with past trends, North Zone and South Zone continued to be the best performing zones in August 2022. Both these zones comprised more than 70 per cent of properties registered in August 2022. The share of North Zone expanded from 29 per cent of the total in August 2021 to 40 per cent in August 2022 as far-off peripherals in this region gained traction from homebuyers. The South Zone's share largely remained similar to August 2021, at 32 per cent in the August 2022 period.