KMA sees upswing in residential apartment registrations in July

The Kolkata Metropolitan Area (KMA) witnessed a significant upswing in residential apartment registrations in July with 4,036 apartments getting registered, marking a 17 per cent month-on-month (MoM) increase over June.

July has recorded the second highest total registration so far this year followed by January that had 4,178 registrations. In July, the North Zone dominated the micro market with an impressive 40 per cent share of Kolkata’s total apartment registrations.

Baranagar, Dum Dum and peripheral areas near the airport witnessed a large volume in terms of the number of registrations within this zone. With many peripheral locations catering to affordable and mid-segment products, this zone’s share remained largely at par with the year ago period.

However, the South Zone’s share reduced from 33 per cent in July 2022 to 27 per cent in July 2023, though still maintaining the second rank in the city.

Rajarhat has topped the list of monthly sales deeds registered with 400, followed by Dum Dum with 386 and Jadavpur with 208. The study by the Directorate of Registrations and Stamps Revenue, Bengal government and Knight Frank India Research has noted that in the past two years since the stamp duty cut announcement in July 2021, a total of 99,147 residential apartments have been registered in Kolkata. In July 2023, apartments ranging from 501 to 1,000 sq ft constituted half of the total registrations compared to 42 per cent a month before.

The share of smaller unit sizes, up to 500 sq feet, comprised 27 per cent in July which is at par with the share of this unit sized category as witnessed a year ago. The demand in this category has been bouncing back as the repo rate pause continues for the third consecutive period in 2023. On the other hand, unit sizes larger than 1,000 sq feet witnessed a decline in their share by 300 basis points compared to the same period last year.