Kolkata Metropolitan Area (KMA) has registered 4,347 apartments registered in September 2023, down by 25 percent YoY and 31,026 apartments since the beginning of the calendar year 2023, according to a report by Knight Frank.
Out of the total registrations in 2023, 14 percent occurred in September this year, marking a 21 percent increase compared to August 2023.
“The year-on-year decrease can be attributed to the base effect from the previous year, which saw significant growth in registrations due to increased strong consumer sentiment encouraged by the continuation of the stamp duty rebate. The recent extension of the stamp duty reduction by the West Bengal government is expected to maintain the positive trend in property purchases and registrations in the state," Abhijit Das, Senior Director – East, Knight Frank India, said.
During September 2023, the North Zone topped the micro-market registration list with a 37 percent share of Kolkata’s total apartment registrations. A year ago, the North Zone accounted for 46 percent of the total registrations.
In September 2023, apartments ranging from 501 to 1,000 sq ft constituted 56 percent of the total registrations compared to 46 percent during the year-ago period.
The share of smaller unit sizes, up to 500 sq ft shrunk from 24 percent in September 2022 to 17 percent in September 2023. 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 a 27 percent share of the total registrations. In September 2022, this unit size category comprised a 30 percent share, the report added.
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