MillenniumPost
Bengal

October sees record sale of apartments in KMA area: Study

KOLKATA: October has scored a record high when it comes to monthly apartment registrations in Kolkata Metropolitan Area (KMA) in this calendar year with 6,788 residential sales agreements.

The monthly property registration volume marks a 45 per cent YoY (year on year) growth over October 2021 while on a MoM (month on month) basis, there is a 17 per cent upswing.

The study by the Directorate of Registrations and Stamps Revenue, of the Bengal government and Knight Frank India Research have noted that multiple extensions of stamp duty cut rebate have proved beneficial for expanding the demand of new homes in Kolkata.

About 97 per cent of 2021's total residential sales deeds have already been registered in the 10-month period of calendar year 2022.

With the continuation of the 2 per cent stamp duty rebate till December 31st, 2022, the homebuying momentum is expected to sustain.

Since the initial stamp duty cut announcement in July 2021, 69,743 residential properties have been registered in the city.

The numbers capture all residential sales documents registered with flat/apartment sizes mentioned, the registration data comprised of transactions in both the primary and secondary markets.

In line with the past trends, North Zone and South Zone continued to witness the maximum numbers of sales deeds registered in October with a 38 percent and 29 percent share respectively. Both these zones together comprised two-thirds of the properties registered in during the month.

Rajarhat's share improved from 2 per cent in October 2021 to 8 percent in October 2022. Similarly, the share of properties registered increased in Central and East zones too. Homes in the size range of 47-92 sq m (501-1,000 sq ft) accounted for the maximum share of 44 per cent of the total registrations in October 2022.

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