Kolkata: The Kolkata Metropolitan region reported the registrations of a total of 3,839 apartments in April 2024 — the best performance for any April month in the past five years in the city.
On an annual basis, April 2024 apartment registrations represent a healthy 69 per cent growth despite a minor correction of 2 per cent compared to March 2024.
In April 2021, there were 3,673 registrations that fell to 2,268 in April 2022. It rose further in April 2023 with 3,280 registrations and climbed up to 3,839 this April.
The phase-wise extension of the remission of stamp duty since July 2021 has helped improve homebuying sentiment and the real estate sector has reaped the benefits of this state incentive repeatedly. The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods.
According to data from the Bengal Directorate of Registrations and Stamps Revenue and Knight Frank India, apartments ranging from 501 to 1,000 sq ft witnessed their share rise from 38 per cent in April 2023 to 50 per cent of the total registrations in April 2024. However, the share of unit sizes over 1000 sq ft reduced from 16 to 7 per cent during the same period. The e share of unit sizes up to 500 sq ft scaled down from 46 per cent in April 2023 to 43 per cent at the end of April 2024.
A drastic reduction has been witnessed in the registrations of units sized above 1,000 sq ft in the past one year, especially since the beginning of this calendar year when the share of this category shrunk to single digit percentage for the first time in the past 4 years.
In April 2024, the South Zone topped the micro-market registration tally with a 36 per cent share of Kolkata’s total apartment registrations.
A year ago, South Zone held the second rank with a 19 per cent share. North Zone emerged at the second highest position in apartment registrations tally with 35 per cent share. In April 2023, North Zone was at the top of the
registration tally with a substantial 42 per cent share. In line with past trends, both the South and North zones have remained at the forefront of homebuying activity.
The West zone witnessed its share rise to 15 from 8 per cent, a year ago. The share of other zones largely remained stable in the past one year.