Kolkata property registrations surge 25% YoY in June 2024
Kolkata: Kolkata Metropolitan Region reported registrations of 4,292 residential properties, recording a 25% year-on-year (YoY) growth in June 2024.
According to a survey report of the real estate consultancy firm, Knight Frank India, the data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential properties throughout all periods.
“Compared to June 2023, the share of unit sizes measuring up to 500 square feet (sqft) scaled up from 36 per cent to 42 per cent. Interestingly, apartments in the range of 501 to 1,000 sqft remained the most resilient at 51 per cent of the total registrations in June 2023 and June 2024. However, the share of unit sizes over 1000 sq ft reduced from 22 per cent to 7 per cent during the same period. Unlike the trends unfolding in other Indian cities, the registrations of units sized above 1,000 sqft has shrunk drastically in the past one year. Since February 2024, the share of this category reduced to single digit percentage for the first time in the past 4 years,” the survey highlighted.
Abhijit Das, senior director, East, Knight Frank India, said: “Kolkata’s residential real estate market spiked in apartment registrations due to the stamp duty remission, recording its best June performance in five years. The surge, prompted by the impending end of the remission effective July 1, 2024, reversed a three-month decline and achieved a robust 25 per cent annual growth. The three-year stamp duty remission significantly boosted the sector. We believe that the market’s resilience and latent demand will help continue the growth of the residential market, albeit at a moderated pace without the stamp duty incentive.”
In June 2023, the South Zone topped the micro-market registration tally with a 57 per cent share of Kolkata’s total apartment registrations. In a year’s time, the share of this key zone has moderated to 33 per cent as per the data reviewed for June 2024. North Zone, which held the second rank with a 16 per cent share in June 2023 registration tally rose to the top slot in June 2024 with a 43 per cent share in the total registrations pie. East Zone witnessed its share moderate from 16 per cent in June 2023 to 10 per cent in June 2024. The West zone witnessed its share rise to 15 per cent from 8 per cent a year ago. The share of other zones largely remained stable in the past one year.
