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Residential property registration in Kolkata reached a two year peak with 5,410 apartments registered in the Kolkata Metropolitan Region in August 2024, marking the highest number of registrations this year, This comes just two months after the state government’s withdrawal of incentives, including a 2% stamp duty cut and a 10% reduction in circle rates. According to Knight Frank , a real estate consultancy , apartment registrations in August 2024 witnessed a 50% year-on-year (y-o-y) growth and a 54% increase on a month-on-month basis (m-o-m) compared to July 2024. The data includes transactions from both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout this period.
"Following a 13% dip in property sales in July 2024 due to the end of the stamp duty rebate, the Kolkata Metropolitan Region saw a strong rebound and an increase in registrations, reflecting homebuyers' renewed confidence in the market. The city also experienced a significant 45% growth in demand for units up to 500 sq ft. The market’s tenacity and underlying demand is expected to drive growth in the residential sector," said Abhijit Das, Senior Director- East, Knight Frank India .
Kolkata witnessed 11% and 7% drop in registration of properties between 2022 and 2023 due to sluggish sales, mentioned the report. Compared to August 2023, the share of units up to 500 sq ft surged up from 27% to 45% by August 2024. Interestingly, apartments from 501 sq ft to 1,000 sq ft maintained a steady share of 48% during both August 2023 and 2024.
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P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program However, the share of units over 1000 sq ft saw a sharp decline, dropping from 25% to 7%. 25% to 7% when compared during the same period.
Unlike the trends unfolding in other Indian cities, the registration of larger units of over 1000+ sq ft has significantly decreased over the past year, especially since February 2024. In August 2024, the city witnessed that the top position in apartment registration tally is jointly held by the South and the North Zone with a share of 35% each. The East Zone follows closely with a 10% share, which has remained stagnant during both years.
Similarly, Rajarhat’s share remained steady at 6% – 8% during both the years. (You can now subscribe to our Economic Times WhatsApp channel ).
