The real estate industry reaped the dividends of the state proposal to extend the stamp duty incentive scheme by six months till September-end with a 195% jump in property sales deeds registration in greater Kolkata in March 2022 over the previous month. This is the third best month since the incentive was introduced in July 2021.
According to the Directorate of Registrations and Stamp Revenue, 4,697 property sales deeds were registered last month, up from 1,593 registered in previous month. In the nine months, higher number of deed registrations happened only in August 2021 (7,316) and September 2021 (4,846).
The registration data captured is for all residential sales documents registered with flat/apartment sizes mentioned and encompassed transactions in both the primary and the secondary market.
Total registrations since introduction of incentive scheme in July 2021 is 33,632, a 11% rise against registrations clocked in previous corresponding period (July 2020 to March 2021) when 30,416 deeds were registered.
While the incentive of 2% rebate on stamp duty was a key driver, Confederation of Real Estate Developers’ Association of India Bengal chapter president Nandu Belani cited two other reasons for the jump in registrations in March — rush to meet the stamp duty incentive deadline of March 31, 2022, prior to its extension; and usual rush to register properties by the financial year-end.
Knight Frank India research analyst Divya Grover said the slower sales in February 2022 was owing to the third wave and Poush period. Of the various configurations, homes in the range of 501-1,000 sq ft continued to account for the highest share of 48% of total registrations in March 2022.
Knight Frank India CMD Shishir Baijal said since quantum of year-on-year growth in total residential sales deeds registered in July 2021-March 2022 compared to a year ago is much higher than 2% stamp duty rebate, the state exchequer has benefited immensely due to the rise in revenues post this announcement.