Greater Kolkata sees 124% YoY surge in residential property registrations in July, states survey report

KOLKATA: Greater Kolkata has recorded 124 per cent year-on-year (YoY) surge in residential property registrations in July 2022.

As many as 6,709 residential sale documents have been registered in July 2022.

This is 120 per cent month- on- month increase over June 2022.

The high annual growth is due to the urgency to avail the benefits of the reduced stamp duty before the closure of the rebate window.

The stamp duty cut was announced mid-July 2021, post which, the market sen5timents towards home ownership continued to improve.

As the third extension of the stamp duty cut rebate is set to draw towards the end of September 2022, homebuyers are completing their property purchases and registrations to avail the benefit of low stamp duty before any further rise in home loan rates.

Since the announcement of stamp duty cut, 50, 898 residential properties have been registered in greater Kolkata.

Of the various configurations, homes in the range of 47-92 sqm ( 501-1000sq ft) continued to account for nearly half or 49 per cent of the total registrations in July 2022.

The bigger units sizes of more than 93 sqm (more than 1001sq ft) comprised 25 per cent share in the total number of registrations.

North zone and south zone continued to be the best performing zones in terms of home sales in July 2022.

The share of north zone expanded from 33 per cent of the total in July 2021 to 39 per cent in July 2022 as affordable and mid segment that had attracted the home buyers.

The south zone witnessed a moderate growth in its share from 31 per cent in July 2021 to 33 per cent in July 2022.

The survey was conducted by Knight Frank India. Shishir Baijal, its CMD, said despite the recent rise in home loan rates, strong home buying trends continue in Kolkata in July 2022 strengthening the premise that latent demand for homes is strong.