Greater Kolkata sees 114% YoY increase in sale of residential properties

Kolkata: About 3,044 residential sales documents were registered in Greater Kolkata in June 2022, a 114 per cent year-on-year (YoY) increase. The annual growth assumes significance on the backdrop of a low base of properties registered in June 2021, a period marred by the severe second wave of Covid pandemic in June 2021.

The data sourced from Directorate of Registrations and Stamps Revenue, Bengal government and Knight Frank India Research noted that the first anniversary of the stamp duty cut tenure has translated into a 20 per cent YoY rise compared to the previous one-year period.

However, on a month-on-month (MoM) comparison, June 2022 witnessed a 28 per cent decline in properties registrations.

Due to the applicability of the stamp duty rebate for nearly a year now, the monthly slowdown in properties being registered is noted as many buyers have already completed their property purchases. With the two repo rate hikes leading to rise in home loan rates, the homebuyer affordability has been affected leading to a slowdown in enquiries.

Since the stamp duty cut was announced, 44,189 residential properties have been registered in Greater Kolkata. The numbers capture all residential sales documents registered with flat/apartment sizes mentioned, the registration data comprising transactions in both the primary and secondary markets.

North Zone and South Zone continued to remain the best performing zones in terms of home sales in June 2022. The share of North Zone expanded from 28 per cent of the total in June 2021 to 52 per cent in June 2022 as affordable and mid-segment ticket sizes gained traction from homebuyers. The East Zone witnessed a growth in its share from 12 per cent in June 2021 to 15 per cent in June 2022 due to sustained demand from home buyers. Rajarhat, on the other hand, witnessed a decline in its share from 4 per cent in June 2021 to 1 per cent in June 2022.