‘Over 80K residential units sold from July 2021 to Jan 2023’
The 18-month period before introduction of stamp duty rebate saw registrations of only 47,317 units
The stamp duty rebate announced by the Mamata Banerjee government has come as a big boost to the real estate sector in the Kolkata Metropolitan Area (KMA) with a 70 per cent upswing in the period of stamp duty rebate (July 2021 –January 2023) versus the preceding period (January 2020 – June 2021).
More than 80,000 residential properties have been registered in the city in the period July 2021 – January 2023, since the initial stamp duty cut announcement was made in July 2021. The 18-month period before the introduction of the stamp duty rebate saw registrations of only 47,317 units. The data pertains to transactions in both primary (fresh sale) and secondary (re-sale) markets for all residential apartments for all periods.
The extension of stamp duty rebate has been extended till September 30, 2023. The year 2023 began on a positive note for Kolkata Metropolitan Area (KMA)’s residential property market as there was a robust increase in apartments registered in January. KMA witnessed the registration of 4,178 residential sales agreements in January 2023, which is also the highest compared to the registrations witnessed in the first month of the calendar year in the past four years.
The study by the Directorate of Registrations and Stamps Revenue, Bengal government and Knight Frank India
Research has noted that there has been a double-digit increase in both year-on-year (YoY) and month-on-month (MoM) basis in the documents registered in January 2023 after a slow registration activity period in November 2022 and December 2022.
The North Zone continued to lead the micro-market tally as it garnered the highest registration share of 36 per cent in January 2023.
Though at par with January 2022 in terms of share of the overall apartment registration pie, there is a 72 per cent increase in the number of sales deeds registered in this micro market on a YoY basis.
The South Zone garnered the second-highest share of 34 per cent in the registrations in KMA, which also represents a two-fold increase in registration volume over January 2022. Rajarhat also noticed its share grow from 7 per cent of total apartment registrations in January 2022 to 9 per cent in the current period.
