Kolkata: A total of 35,467 apartments have been registered in Kolkata Metropolitan Area (KMA) since the beginning of the calendar year 2023 while October saw the highest property registrations thus far.
In a recent analysis by real estate consultancy Knight Frank, it was reported that 35,467 apartments have been registered in KMA since the beginning of the calendar year 2023 while a total of 4,441 apartments were registered in October 2023, up by a modest two per cent since the preceding month. This surpassed September’s numbers, making October the month with the highest property registrations in 2023 thus far.
On a year-on-year (YoY) basis, this marks a 35 per cent decrease compared to October 2022. The YoY declines attributed to the base effect from the previous year, which saw significant growth in registrations due to strong consumer sentiment encouraged by the continuation of the stamp duty rebate.
The extension of stamp duty rebate announced before Diwali by the state government coupled with the recent stance by Reserve Bank of India (RBI) to keep the repo rate unchanged for the fourth time in this fiscal year, could help maintain a positive trend in Kolkata’s residential real estate market in the coming months, the study revealed.
Abhijit Das, senior director – East, Knight Frank India, said: “With more than 35,000 apartments being registered in the calendar year 2023 and a noteworthy 2 per cent month-on-month increase in October, totaling 4,441 registrations, which has not only surpassed the preceding month but also set a record for the highest property registrations in 2023 so far. Despite a 35 per cent year-on-year decline attributed to the base effect from October 2022, the outlook remains optimistic in the city. The continued extension of the stamp duty rebate and the Reserve Bank of India’s decision to maintain the repo rate offer a promising trajectory, fostering positivity in Kolkata’s residential real estate market for the upcoming months.”
In October 2023, apartments ranging from 501 to 1,000 sq ft accounted for 53 per cent of the overall registrations. The share of smaller unit sizes, up to 500 sq ft remained at par at 24 per cent in both October 2022 and 2023. Units sized above 1,000 sq ft comprised 23 per cent share in the total registrations.
During October 2023, the south zone topped the micro-market registration list with a 39 per cent share of Kolkata’s total apartment registrations. The north zone garnered the second position with a 34 per cent share. However, share of this zone declined from 38 per cent in October 2022 to 34 per cent of total registrations in October 2023. The share of Rajarhat, Central and West Zones remained largely at par in both periods with modest variations.