Kolkata: The state government’s decision to continue with the stamp duty rebate has led Kolkata to witness registration of a total of 3,656 apartments in November 2023.
According to a recent analysis conducted by the real estate consultancy firm, Knight Frank, in November 2023 a total of 3,656 apartments were registered. “On a year-on-year (YoY) basis, this marks a 20 per cent upswing compared to November 2022. Apartment registrations remained strongly encouraged by the continuation of the stamp duty rebate,” the report claimed.
Abhijit Das, senior director, East, Knight Frank India, said: “With a sustained pause in the RBI policy rates which is keeping home loan rates consistent and coupled with an overall uptick of sentiments within the Indian macro-economy, residential sales continue to witness robustness in the Kolkata residential market. New project launches are also contributing to the positive trend in sales in Kolkata. The new year is very likely to witness growth in overall sales in the Kolkata market.” The study revealed that in November 2023, apartments ranging from 501 to 1,000 sqft constituted 51 per cent of the total registrations remaining stable over the past one year. In November 2023, the share of unit sizes over 1000 sqft moderated to 23 per cent. Lastly, the share of unit sizes up to 500 sq ft, scaled up marginally to 26 per cent at the end of November 2023.
During November 2023, the North Zone topped the micro-market registration list with a 37 per cent share of Kolkata’s total apartment registrations. A year ago, North Zone was at the second-highest position in the total registrations in November 2022 with a 32 per cent share.
“In the past one year, the share of this zone in the total property registrations has increased to the first rank. In November 2023, South Zone was at the second highest position with 33 per cent share whereas in November 2022, this zone topped the micro-market list with a 42 per cent share. The share of Rajarhat, which was 3 per cent in November 2022 increased to 9 per cent in November 2023. The share of the West zone remained stagnant at 7 per cent during both periods. The share of East and Central largely remained stable during both November 2022 and November 2023,” the report highlighted.
A total of 39,123 units have been registered in Kolkata Metropolitan Area (KMA) since January 2023. The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods.