Kolkata Metropolitan Area witnesses a significant rise in residential apartment registrations, driven by North Zone dominance and changing unit size trends.
The Kolkata Metropolitan Area (KMA) experienced a substantial increase in the registration of residential apartments in July, recording a 17 percent month-on-month surge with 4,036 apartments registered. This boost follows a previous high in January, which saw 4,178 registrations. Notably, the North Zone stood out, capturing 40 percent of Kolkata’s total apartment registrations.
The micro markets of Baranagar, Dum Dum, and surrounding areas near the airport within the North Zone were particularly active, showcasing a significant volume of registrations. The North Zone’s strength lies in its focus on affordable and mid-segment products, which has helped it maintain its share compared to the previous year.
Meanwhile, the South Zone’s share dropped from 33 percent in July 2022 to 27 percent in July 2023, although it still retains the second-highest rank in the city.
In terms of specific localities, Rajarhat led the pack with 400 monthly sales deeds registered, closely followed by Dum Dum with 386 and Jadavpur with 208. A collaborative study by the Directorate of Registrations and Stamps Revenue of the Bengal government and Knight Frank India Research revealed that since the stamp duty cut announcement in July 2021, a total of 99,147 residential apartments have been officially registered in Kolkata.
Interestingly, in July 2023, apartments ranging from 501 to 1,000 square feet constituted half of the total registrations, marking an increase from 42 percent in the previous month. Apartments with unit sizes up to 500 square feet comprised 27 percent of the registrations in July, a figure consistent with the previous year’s data. This trend has been attributed to the repo rate pause, which has extended for the third consecutive period in 2023.
Conversely, unit sizes exceeding 1,000 square feet experienced a decline in their share, dropping by 300 basis points compared to the same period last year. This shift reflects evolving preferences in property sizes and the changing landscape of real estate demand in Kolkata.
As the city’s real estate market continues to evolve, these registration trends provide insights into the shifting preferences of homebuyers and the broader dynamics of the residential property sector in the Kolkata Metropolitan Area.