Greater Kolkata: 195% month-on-month hike in apartment registration in March

kolkata: Greater Kolkata has witnessed 195 per cent month-on-month (MOM) increase in apartments registration in March 2022 with 4,697 apartment sales documents being registered in the month. March 2022 has clocked the third highest count of properties registered since rollout of stamp duty incentive scheme in July 2021.

According to data sourced from state government's Directorate of Registrations and Stamps Revenue, Knight Frank India Research, since the introduction of the stamp duty rebate in July 2021, 33,632 homes have been registered in Greater Kolkata till March 2022.

Compared to the corresponding period of July 2020 to March 2021, the 9 months of demand stimulant measures have led to an 11 per cent year-on-year (YoY) rise in registrations. The state government has extended the 2 per cent rebate on stamp duty and 10 per cent waiver on circle rate of land till September 2022 .

February 2022 saw slower momentum due to the third wave of Covid and period of 'Pausha' considered inauspicious in this part of the country. However, things picked up pace and March 2022 has recorded a195 per cent MoM growth.

Due to the numerous planned infrastructure upgrades and addition of new supply, peripheral zones continued to remain in the limelight for properties registered in March 2022.

The share of North Zone expanded from 29 per cent of the total in March 2021 to 40 percent in March 2022 as locations such as Barasat, Dum Dum and Belgharia remained popular amongst homebuyers. South Zone emerged the second-best performing market with a 31 per cent share of the total in March 2022 as locations such as Behala, Sonarpur, Topsia and Tiljala remained of high interest to homebuyers.

However, the share of East Zone has declined marginally from 13 per cent in March 2021 to 10 per cent in March 2022.

Rajarhat, on the other hand, maintained a stable footprint with a 5 per cent share in the total registrations. West, on the other hand, saw its share decline from 17 per cent to 11 per cent due to low demand.