Kolkata Metropolitan Region reported registrations of 3,936apartments, recording a 17% year-on-year (YoY) growth for March 2024, said Knight Frank in its latest report.The real estate sector’s long-standing demand of making the stamp duty rebate extension a permanent feature of the Kolkata market is expected to further bolster the residential sales momentum.
According to the report, the share of units under 500 sq ft increased from 24% in March 2023 to 45% by March 2024. Apartments sized between 501 to 1,000 sq ft constituted for 48% of the total registrations in March 2024, down from 52%a year earlier. Notably, units exceeding 1000sq ft decreased from 25% to 7% during the same period.
Abhijit Das- Senior Director, East, Knight Frank India, said, “Considering that the registration data continues to ratify that a substantially large majority of apartments sold in Kolkata are below 1000sft, it is hence worthwhile for all the stakeholder to figure out how to create large land parcels which are affordable, connected & supported by social infrastructure. These land parcels can then be developed into efficient yet affordable Apartment Projects for consumers.”
The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods.
In March 2024, the South Zone led Kolkata’s apartment registration tally with a 44% share of the total, down from 46% a year prior. The North Zone followed with a 30% share, up from 25% in March 2023. These two zones remained popular due to affordable options dominating the residential market. The share West and East zones saw marginal increase, while the Central Zone’s share remained unchanged.