Residential property registrations in Greater Kolkata dipped by 40% month-on-month in January 2022 due to the unfolding third wave of the pandemic followed by a temporary mobility restriction.
At 2,391 units, the January 2022 apartment registrations declined by 33% YoY over January 2021, said Knight Frank India, the leading real estate consultancy.
The registration data captured is for all residential sales documents registered with flat/apartment sizes mentioned and encompassed transactions in the primary and the secondary market.
The report further mentioned apartments in the range of 501 sqft to 1,000 sq ft accounted for 46% of the total registrations in January 2022.
Unit sizes ranging between 501 sq ft and 1000 sq ft and 1000 sq ft registered 36% and 34% YoY de-growth, respectively.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “For nearly six months now, the 2% stamp duty rebate has been the key support measure to provide stimulus to Kolkata’s residential real estate market. The extension of the stamp duty rebate till March 31, 2022, by the Government of West Bengal, will provide further relief to homebuyers, who may have had to put their buying decisions on hold due to the recent third wave of COVID apart from motivating new buyers to take advantage of this reduction. We expect the extension will encourage developers to continue with their incentives and sops for new home purchases.”
Infrastructure development focused Union Budget 2022-23 and continued support for affordable housing will also help catalyse latent demand in the months to come. With two more months left to reap the benefits of reduced stamp duty and a rate of declining infections, Kolkata’s real estate market is expected to benefit from these growth-oriented measures.
