June 2023, saw the most number of apartment registrations, for the same month in the previous four years.
The Kolkata Metropolitan Area (KMA) saw a significant increase in residential apartment registrations in June 2023, with 3,437 apartments registered, representing a 13% year-on-year increase compared to June 2022, as reported by real estate consultancy Knight Frank, on Thursday.
This uptick follows three months of falling YoY growth from March to May 2023, indicating a revived sense of activity and positivity among the homebuyers.
Between the period of July 2021 and June 2023, 95102 residential apartments have been registered in Kolkata. This was following the announcement of the stamp duty reduction in July 2021.
The consultancy firm (Knight Frank) said, while quoting the Directorate of Registrations and Stamps Revenue, Government of West Bengal, that the data includes transactions in both primary (new sale) and secondary (re-sale) markets for all residential apartments throughout all time periods.
“Kolkata is one of the few major Indian markets that has maintained stamp duty benefits for buyers across all segments. While its primary beneficiaries are purchasers in the secondary market and ready-to-move-in inventories in the primary market, the fact that the benefit is immediate, has contributed to high buyer emotions even in Kolkata’s primary sales market. With an end-user buyer profile, Kolkata continues to be a price sensitive market driven by value. As a result, additional interest rate stability and the ongoing benefits of stamp duty will continue to stimulate demand, especially for affordable and mid-segment houses” said Abhijit Das, Senior Director, East, Knight Frank India.
In June 2023, the micro market was commanded by the South Zone, accounting for 57% of all apartments registrations. Within this zone, Jadavpur, Thakurpukur and Bishnupur had the largest number of registrations. Interestingly, the North Zone had the largest proportion a year ago with 52%, but it has since dropped to just 16%, equal to the East Zone’s portion during the same timeframe. It is especially important to remember, however, that these are simply monthly trends and are prone to change depending on the subsequent month’s performance.
On the bright side, the Central Zone increased its share of the pie significantly, contributing 6% of the overall volume in June 2023, up from 2% in June 2022. Hare Street, Shakespeare Sarani, and Amherst Street were the choicest locations in Central Zone for apartment registration.