Kolkata records 4-year high registration in property sales for June 2023

Kolkata: Kolkata has recorded a four-year high registration in property sales for the month of June 2023 with 3,437 apartments being registered.

The registration in June 2022 was 3,044 and hence a remarkable 13 percent year-on-year growth has been achieved compared to June 2022. In June 2021, there were 1,422 registrations while in June 2020 it was nominal with the Covid pandemic at its peak.

The study by the Directorate of Registrations and Stamps Revenue, Bengal government and Knight Frank India Research noted that the positive shift came after three consecutive months of declining YoY growth from March to May 2023, signifying a renewed sense of activity and optimism among homebuyers.

Since the stamp duty cut announcement in July 2021, a total of 95,102 residential apartments have been registered in Kolkata between July 2021 and June 2023.

In June 2023, the South Zone dominated the micro-market with an impressive 57 percent share of the apartment registration pie. Thakurpukur, Bishnupur, and Jadavpur experienced the highest number of registrations within this zone. Interestingly, the North Zone held the highest share a year ago with 52 percent but it has now drastically reduced to just 16 percent, equivalent to the East Zone’s share during the same period. However, it’s important to note that these are only monthly patterns, subject to change based on the upcoming month’s activity.

The Central Zone saw a significant increase in its share, accounting for 6 percent of the total volume in June 2023 compared to a mere 2 percent in June 2022. Hare Street, Shakespeare Sarani, and Amherst Street were the top locations for apartment registrations in the Central Zone.

In June 2023, apartments ranging from 501 to 1,000 sq ft constituted 42 percent of the total registrations, aligning closely with the trend observed a year earlier. However, the smaller unit sizes, up to 500 sq ft, which had experienced a drop to 27 percent in June 2022 due to high-interest rates impacting the affordable segment, are now bouncing back as the interest rate cycle has been paused. These smaller units represent 36 percent of June 2023 registrations, showing a remarkable 49 percent YoY and 57 percent MoM upswing.