Registration of homes in Greater Kolkata increases by 16 per cent, cites report

KOLKATA: For the first time since the introduction of the stamp duty cut in July 2021, residential properties registered in Greater Kolkata have crossed the 40,000 unit mark.

From July 2021 to May 2022 total number of residential deeds registered has been 41,145, which is 16 per cent higher than the corresponding period (July 2020 to May 2021) when 35,370 registrations were made.

A recovery in the registration of residential apartments in Greater Kolkata was witnessed in May 2022 with 4,233 apartment sale documents being registered in the city.

According to data from the state Directorate of Registrations and Stamps Revenue and Knight Frank India Research since January 2022, as many as 16,194 residential properties have been registered, which is nearly 39 per cent of the total properties registered since the stamp duty cut announcement in July 2021.

After a slow start in the early part of 2022, residential property registrations have rebounded recording a 29 per cent MoM (month on month) growth. On an annual basis, there is a 230 per cent growth compared to May 2021.

The registration data comprised transactions in both the primary and secondary markets and included all sizes of residential properties.

North, Rajarhat and South were the top three best performing zones in terms of home sales in May 2022.

North Zone share expanded from 29 per cent of the total in May 2021 to 42 per cent in May 2022 as peripheral locations in this zone gained a lot of traction from homebuyers.

Rajarhat, on the other hand, witnessed an expansion in its share from 5 per cent in May 2021 to 19 per cent in May 2022. This is indicative of a healthy sales velocity in this strategically located zone in Kolkata. The South Zone witnessed degrowth in its share from 32 per cent in May 2021 to 17 per cent in May 2022, though it remained the third-most preferred zone in the city.

South's percentage share remained lower than May 2021, but the number of units sold in this zone has outpaced May 2021 in absolute numbers.