Over 83K apartments registered in city between July 2021 & Feb 2023
Kolkata: More than 83,000 residential properties have been registered in the city between July 2021 and February 2023, since the initial stamp duty cut announcement in July 2021.
Hence, there has been a massive 76 per cent increase over the preceding period of 18 months before the introduction of the stamp duty rebate when there were registrations of nearly 47,000 units.
About 2,922 residential apartments were registered in February 2023 for Kolkata Metropolitan Area (KMA). KMA witnessed a mammoth 83 per cent YoY (year on year) upswing in apartment registrations over February 2022, largely due to the base effect.
On a month-on-month basis, the volume has reduced by 30 per cent when compared with January 2023.
A study, done jointly by the state Directorate of Registrations and Stamps Revenue and Knight Frank India Research has pointed out that apartments in 501-1,000 sq ft size ranges account for half of the total registrations.
The share of bigger unit sizes of more than 93 sq m (more than 1,001 sq ft) has been at 23 per cent this month. In January 2023, the share of this unit size category was 29 per cent of the total monthly registrations. Smaller units of up to 46 sq m (up to 500 sq ft) comprised 27 per cent share of the total.
South Zone emerged as the leading micro-market in the monthly tally as it garnered a 41 per cent registration share in February 2023.
The share of this zone has expanded from 37 per cent to 41 per cent this year.
The North Zone share, on the other hand, has shrunk from 29 per cent in February 2022 to 21 per cent in February 2023. The share of Rajarhat and Central Zone remained in single digits, much in line with February 2022.
However, the West Zone witnessed an increase in its share from 7 per cent of the total in February 2022 to 15 per cent in February 2023.
The stamp duty rebate for a sixth time till September 30, coming into play recently, all stakeholders — homebuyers, developers and the government are set to benefit in the coming months of 2023 as home loan interest rates continue their northward climb.
