September clocked the highest number of apartment registrations in Kolkata with mid-size and large flats contributing majorly to the growth. The registrations during the month comprised 14% of the registrations that had happened in the first nine months.
According to the state directorate of registrations and stamps revenue, 4,347 homes were registered last month, a 21% rise over 3,605 flats registered in August 2023. However, the figure is 25% lower than September 2022 when 5,819 apartments were registered in the Kolkata Metropolitan Area (KMA). The data encompasses transactions in both primary and secondary (resale) markets for residential apartments throughout all periods.
Real estate consultancy firm Knight Frank India expects the growth to continue in October with the RBI keeping the repo rate unchanged. “The recent extension of the stamp duty reduction by the state government is expected to maintain the positive trend in property purchases,” said the firm’s senior director (east) Abhijit Das.
Last month, apartments ranging from 501 to 1,000 sq ft constituted 56% of the total registrations compared to 46% for the corresponding period last year. The share of smaller unit sizes, up to 500 sq ft, has shrunk from 24% in September 2022 to 17% for the same period this year. 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 27% share in the total registrations. In September 2022, this unit size category comprised 30% share.
Last month, north zone topped the micro-market registration list with a 37% share of Kolkata’s total apartment registrations. However, a year ago, the north zone had accounted for 46% of the total registrations. The share of the south zone has increased from 20% in September 2022 to 34% of total registrations in September 2023. The share of Rajarhat central and west zone remained constant.