Registration of property in March 2023 sees 15% upswing over Feb, cites report

kolkata: The registration of property in March 2023 has witnessed a 15 per cent upswing over February 2023 with 3,370 apartments being registered in March, thanks to the increasing awareness about the sixth extension of the stamp duty rebate increased amongst homebuyers.

However, compared to March last year, KMA witnessed a 28 per cent YoY (year on year) decline in apartment registrations, largely due to the base effect.

Since this decline over March 2022 was due to a variation in the number of documents registered, a year-on-year (YoY) decline is inconsequential.

The study by the Directorate of Registrations and Stamps Revenue, Bengal government and Knight Frank India Research has noted that since the initial stamp duty cut announcement in July 2021, more than 86,000 residential properties have been registered in the city in the period between July 2021 and March 2023.

The 18-month period before the introduction of the stamp duty rebate saw registrations of nearly 47,000 units.

In line with past trends, apartments in the size range of 47-92 sq m (501-1,000 sq ft) accounted for 52 per cent of the total registrations in March 2023.

The share of bigger unit sizes of more than 93 sq m (more than 1,001 sq ft) was noted at 25 per cent in March. Smaller units of up to 46 sq m (up to 500 sq ft) comprised 23 per cent share of the total. On an MoM (month-in-month) comparison too, there has been a 25 per cent increase in apartments of more than 93 sq m (more than 1,001 sq ft) in March 2023.

The South Zone leads the micro-market tally as it garnered a 46 per cent share in the registration pie in March 2023. The share of this zone has expanded from 31 per cent in March 2022 to 41 per cent in February 2023 before rising to 46 per cent in March 2023.

The North Zone share, on the other hand, has shrunk from 40 per cent in March 2022 to 25 per cent in March 2023. The share of Rajarhat at 6 per cent in March 2023 is largely stable when compared to February 2023.

In March 2022 also, Rajarhat had a 5 per cent share in the overall apartment registration pie. The share of the Central Zone has climbed up to 6 per cent in March 2023 from 3 per cent in March 2022.