Kolkata's residential real estate market has witnessed a significant surge in sales, with a 16-per cent year-on-year growth in the 2024 calendar year, according to Knight Frank India.

The metropolis recorded residential sales of 17,389 units in 2024, making it the third-best year for the sector since 2010, the property consultant said in a report.

It attributed the growth to sustained demand, despite the government's decision to discontinue incentives such as stamp duty rebates and circle rate reductions in July 2024.

The average residential prices in Kolkata also appreciated by 6 per cent year-on-year to Rs 3,815 per sq ft, indicating a steady growth in the market, the report said.

In the office space segment, the city witnessed a marginal 1 per cent decline in transactions, but the average transaction rent increased by 7 per cent to Rs 41 per sq ft per month.

New office completions in 2024 were recorded at 0.3 million sq ft, it said.

The report noted that Kolkata's office market is undergoing a gradual recovery, driven by consistent demand from occupiers across diverse sectors, particularly IT, BFSI and healthcare.

"The year 2024 has been a pretty good year for the overall economy and the real estate sector, which has ridden on growing demand. RERA and the stamp duty rebate have played a facilitatory role," Merlin Group MD Saket Mohta said.

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