Kolkata witnesses 48% of Y-O-Y Growth, Records more than 4800 Properties Registered

Reportedly, more than 4,806 apartments were registered in Kolkata Metropolitan Region in the month of February, which shows a 306% month-on-month growth after a slowdown in property registrations in January 2024. Due to the pausha period, data accessed from the Directorate of Registrations and Stamps Revenue from Govt. of West Bengal.

Annually the report is exhibiting a strong 64% year-on-year (YoY) growth. The previous record of data shows 83% growth in registrations. According to the data of Knight Frank India, the Stamp duty rebate extension will positively influence the apartment registration. It will have a positive impact on overall real esate sector and it made the permanent feature of the market to keep the home buying sentiment upbeat.

The data also throws light on transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all the periods and collects apartment sales documents registered with flat/apartment sizes captured at the time of registration of the property.

The prices of unit sizes up to 500 sq ft surged up from 27% in February 2023 to 43% at the end of February 2024. The apartments which are measured between 501 to 1,000 sq ft constituted 48% of the total registrations in February 2024. The share of this category of apartment was moderated from February 2023 when it constituted 50% of the total. Surprisingly, the share of unit sizes over 1000 sq ft shrunk from 23% to 9% during the same period.

Abhijit Das, Senior Director- East, Knight Frank India, said, “As Kolkata marks its best February property registrations since 2020, the remarkable 64% YoY growth from February 2023 underscores the city's resilience and vitality in the real estate sector. Particularly noteworthy is the extraordinary 165% YoY surge in home registrations for properties sized less than 500 sq ft, reflecting a robust demand for compact living spaces."

According to the statistical report of February 2024, the North Zone securing the top most position in the micro-market registration tally with a 43% share of Kolkata’s total apartment registrations. During the last year, North Zone ranked at the second-highest position with a 21% share. Last year, the share of North Zone in the total property registrations has increased to the first rank because of the availability of affordable housing products which are in demand amongst the price sensitive homebuyers.

This year February saw the bulging of south zone as the second highest with 33% share. Annually, the share of the zone has shrunk from 41% to the current levels. Whereas, the share of Rajarhat remained stable at 6% in the past one year, but Central, East and West zones witnessed moderation in their shares in the past one year.