Home sales go up after state slashes stamp duty, circle rates

KOLKATA: The reduction of stamp duty and circle rates by the Bengal government between July and October has led to a significant rise in sales of residential units in Kolkata Metropolitan Area (KMA).

The sale of apartments during the period of January to October has almost doubled in comparison to the corresponding period last year.

According to data sourced from state government's Directorate of Registrations and Stamps Revenue, Knight Frank India Research, a total of 39,832 residential sales deeds were registered during the January–October period.

This figure stood at 19,876 last year in the corresponding period.

The state government has now extended the 2 per cent reduction in stamp duty and 10 per cent cut in circle rates from November till January 31, 2022 so developers are optimistic of a further rise in sales.

Knight Frank, one of the leading real estate consultancy in the country noted that the performance of the residential real estate sector is getting stronger in the ongoing festive period in KMA.

About 4,683 apartment sales documents were registered in October2021. In October 2021, the number of residential sales deeds registered remained a little shy of September 2021, but the YoY growth of 87 per cent surpassed the growth recorded in the previous month.

In September 2021, 4,846 apartment sales documents were registered in KMA.

In terms of unit sizes, apartments above 46 sq m (500 sq ft), witnessed a 260 per cent YoY growth.

While the apartment sizes upto 46 sq m (0-500 sq ft) registered a percentage growth of 23 per cent, unit sizes of 47-92 sq m (500-1,000 sq ft) and 93 sq m and above (1,000 sq ft and above) noted nearly 260 percent YoY growth for each.