The number of apartment registrations in Kolkata saw the highest in the month of September, with mid-size and large flats contributing significantly to this growth. These registrations made up 14% of the total registrations that had taken place during the first nine months of the year. According to the state directorate of registrations and stamps revenue, 4,347 homes were registered last month, indicating a 21% rise over the 3,605 flats registered in August 2023. However, this figure is 25% lower than the number of apartments registered in September 2022, which stood at 5,819 in the Kolkata Metropolitan Area (KMA). The data includes transactions in both the primary and secondary (resale) markets for residential apartments throughout all periods. Real estate consultancy firm Knight Frank India predicts that the growth will continue in October, with the RBI keeping the repo rate unchanged.
Last month, apartments ranging from 501 to 1,000 sq ft constituted 56% of the total registrations compared to 46% for the corresponding period last year. The share of smaller unit sizes, up to 500 sq ft, has shrunk from 24% in September 2022 to 17% for the same period this year. Despite the repo rate pause, the share of apartments in this size category has declined over the past year. Units sized above 1,000 sq ft comprised 27% share in the total registrations. Last month, the north zone topped the micro-market registration list with a 37% share of Kolkata’s total apartment registrations. However, a year ago, the north zone accounted for 46% of the total registrations. The share of the south zone has increased from 20% in September 2022 to 34% of total registrations in September 2023.
During the Navaratra period, the property registration department in Pune witnessed a significant surge in property registrations, with numbers exceeding 11,000 per day. This trend was also observed in September. On October 20th, the highest daily log of 13,569 registrations was recorded. However, there was a decline in registrations during the weekend of October due to office closures. E-registrations from developer offices are expected to continue during the Dasara holiday. The real estate market is currently buoyant, with buyers keen to invest before potential price increases.
The Telangana High Court has recently ruled that section 22-A of the Registration Act is valid. This means that sub-registrars can refuse to register properties if they are listed as assets belonging to certain departments. The court dismissed writ petitions challenging the legality of the section and stated that the state has the right to protect its properties. It is important to note that the non-registration of a document under section 22-A does not affect a person's right to enjoy their property. However, if someone believes that their property was included in the prohibited list unfairly, they can seek a judicial review.
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