Sept registers third-highest residential sales figure this yr

Kolkata: September witnessed the third-highest number of residential sales agreements being registered in the year 2022.

About 5,819 residential sales documents have been registered in Kolkata Metropolitan Area (KMA) in September 2022 which is a 7 per cent decrease over August 2022.

This has been 20 per cent YoY (year-on-year) growth in residential properties registered in Greater Kolkata in September.

According to Directorate of Registrations and Stamps Revenue, Bengal government and Knight Frank India Research, since the stamp duty cut announcement at least 62,955 residential properties have been registered in Greater Kolkata. The numbers capture all residential sales documents registered with flat/apartment sizes mentioned, the registration data comprised of transactions in both the primary and secondary markets.

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

In September 2022, the 2 per cent stamp duty rebate was extended yet again to December 31st, 2022. This move to provide further relief to homebuyers is expected to accelerate sales in the residential sector at a time when home loan interest rates continue to climb northwards and housing affordability has been under stress due to the 190-basis point cumulative repo rate hike in 2022.

North and South Zone continued to be the best-performing in September 2022. Both these zones comprised 66 per cent of properties registered during the month.

The share of the North Zone expanded substantially from 28 per cent of the total in September 2021 to 46 per cent in September 2022.

The South Zone's share shrank from 31 per cent of the total in September 2021 to 20 per cent in September 2022. Rajarhat's share improved from 3 per cent to 8 per cent in the same period, while the Central and East zones' share remained at par.