Kolkata, Aug 14 : The Kolkata Metropolitan Area (KMA) witnessed a significant upswing in residential apartment registrations in the month of July 2023, India’s one of top real estate consultancies, Knight Frank, reported Monday.
After a monthly blip in registrations in April 2023, apartment registrations have continually scaled up in the consecutive months, with July recording the second-highest total in 2023 so far.
In July 2023, 4,036 apartments were registered, marking a 17 pc month-on-month (MoM) increase over June 2023. However, when compared to a yearly basis, the registration data indicates a 40 pc decline over July 2023 due to base effect.
In the past two years since the stamp duty cut announcement in July 2021, a total of 99,147 residential apartments have been registered in Kolkata.
The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for all residential apartments throughout all periods,mthe report quoting Directorate of Registrations and Stamps Revenue, Government of West Bengal, as saying.
In July 2023, apartments ranging from 501 to 1,000 sq ft constituted half of the total registrations compared to 42 pc a month before.
The share of smaller unit sizes, up to 500 sq ft comprised 27 pc in July 2023 which is at par with the share of this unit size category as witnessed a year earlier. The demand in this category has been bouncing back as the repo rate pause continues for the third consecutive period in 2023.
On the other hand, unit sizes larger than 1,000 sq ft witnessed a decline in their share by 300 basis points compared to the same period last year.
“Kolkata is the only major market in India that has continued its stamp duty benefits to the buyers across segments. With the buyers’ profile consisting of end-users, Kolkata remains a price sensitive market driven by value. Therefore, further stability in interest rates and the ongoing benefits of stamp duty will continue to fuel demand, especially in the affordable and mid-segment properties.” senior director of the consultancy Abhijit Das said.
In July 2023, the North Zone dominated the micro-market with an impressive 40 pc share of Kolkata’s total apartment registrations. Baranagar, Dum Dum and peripheral areas near the airport witnessed large volume in terms of number of registrations within this zone.
With many peripheral locations catering to affordable and mid-segment products, this zone’s share remained largely at par with the year ago period. However, the South Zone’s share reduced from 33% in July 2022 to 27 pc in July 2023, though still maintaining the second rank in the city
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