Residential apartments registration in Kolkata metropolitan area in 2022-23 rose by 32 per cent to 52,902 units compared to 40,008 units registered in FY’22, according to data collected by real estate consultancy firm Knight Frank India.
Sequentially, there has been a 15 per cent increase in property registrations in March this year compared to February 2023, Knight Frank India said in a statement.
This increase can be attributed to the growing awareness of the sixth extension of the stamp duty rebate among homebuyers.
Since the announcement of the initial stamp duty cut in July 2021, over 86,000 residential properties have been registered in Kolkata till March 2023.
However, this data pertains to transactions in both primary (new sale) and secondary (resale) markets for all residential apartments for all periods.
Overall, the real estate market in Kolkata is showing promising signs of growth, with an increase in property registrations and unit sales.
The stamp duty rebate has played a significant role in stimulating the market, and it will be interesting to see how this trend continues in the future.
"The continuation of the stamp duty rebate has enhanced Kolkata’s real estate attractiveness amongst home buyers. The state government’s steady support is continuing to create a positive sentiment towards home ownership.
“The city-based developers are actively looking at opportunities for augmenting the land bank and getting ready with a new pipeline of projects,” Knight Frank India senior director (East) Abhijit Das said.
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