‘Over 3K residential units sold in Dec in Kolkata Metropolitan Area’

KOLKATA: Kolkata Metropolitan Area (KMA) has witnessed registrations of 3,274 residential sale agreements in December 2022 which has accounted for a 7 per cent increase on a month-on-month (MoM) basis in the documents registered this month.

The real estate developers expect with the extension of the stamp duty rebate for a fourth time till March 31, 2023, some incremental registrations can take place in Kolkata before the window expires again.

However, in comparison to December 2021, the registrations have been 17 per cent lower in the mentioned period.

The study by the Directorate of Registrations and Stamps Revenue, of the Bengal government and Knight Frank India Research, has noted that since the initial stamp duty cut announcement in July 2021, more than 76,000 residential properties have been registered in the city in the period July 2021 – December 2022.

The 18 months period before the introduction of the stamp duty rebate saw registrations of mere 47,317 units. Hence, there has been a 61 per cent upswing in the period of stamp duty rebate (July 2021– December 2022) versus the preceding period (January 2020 – June 2021).

The data pertains to transactions in both primary (fresh sale) and secondary (re-sale) markets for all residential apartments for all periods.

The South Zone garnered the highest registration share with a 44 per cent share in December 2022, an increase from 40 per cent in same period last year. East Zone, too, registered an increase from 7 per cent share in December 2021 to 16 per cent in December 2022. Meanwhile, North Zone’s share has reduced from 31 per cent to 14 per cent during this period.

Apartments in the size range of 47-92 sq m (501-1,000 sq ft)accounted for half of the total registrations in December 2022. The share of bigger unit sizes of more than 93 sq m (more than 1,001 sq ft)was noted at 29 percent in this month.

Smaller units of up to 46 sq m (up to 500 sq ft) comprised 21 per cent share of the total.

The share of this size category has shrunk from 26 per cent in December 2021 to nearly one-fourth of the total registrations in the current period.