‘Kolkata witnesses surge in property registrations in February 2024’

Kolkata: Kolkata Metropolitan Region witnessed a surge in property registrations in February 2024 with more than 4800 properties registered so far.

According to a study by the real estate consultancy firm, Knight Frank-India, after a slowdown in property registrations in January 2024, a buoyant uptrend was witnessed in February 2024 marking a 306 per cent month-on-month (MoM) growth. On an annual basis, this represents a strong 64 per cent year-on-year (YoY) growth.

“While the stamp duty rebate extension continues to influence the apartment registrations positively, it would benefit the city’s real estate sector if it were made a permanent feature of the market to keep the homebuying sentiment upbeat. The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods,” the report said.

The share of unit sizes up to 500 sqft scaled up from 27 per cent in February 2023 to 43 per cent at the end of February 2024.

Apartments ranging from 501 to 1,000 sq ft constituted 48 per cent of the total registrations in February 2024.

Abhijit Das, senior director, East, Knight Frank India, said: “As Kolkata marks its best February property registrations since 2020, the remarkable 64 per cent YoY growth from February 2023 underscores the city’s resilience and vitality in the real estate sector. Particularly noteworthy is the extraordinary 165 per cent YoY surge in home registrations for properties sized less than 500 sqft, reflecting a robust demand for compact living spaces.”

The North Zone topped the micro-market registration tally with a 43 per cent share of Kolkata’s total apartment registrations. The South Zone was at the second highest position with 33 per cent share. The share of Rajarhat remained stable at 6 per cent in the past one year. However, Central, East and West zones witnessed moderation in their shares in the past one year.

Sushil Mohta, president, Credai West Bengal and chairman, Merlin Group, said: “The continued support from the state government for almost two and half years in terms of stamp duty rebate has not only attributed to this record number of registration of residential properties but also catalysed the upward growth of the real estate sector in state, especially in Kolkata. It was interesting to watch a surge in home registration for properties sized less than 500 sqft signalling a higher demand for compact living spaces. The metro connectivity from Joka to Taratala, Sector V to Sealdah and from Esplanade to Howrah through river tunnel will further bolster the real estate market.”