Kolkata: Nearly 4,000 homes were registered in March 2024, 17% more than the number of homes registered in March 2023. The month also saw affordable homes of up to 500 sq ft make a strong comeback with a growth of 123%.
Data from the state Directorate of Registration and Stamp Revenue shows 3,936 apartments were registered in March 2024, up from 3,370 homes registered last March.
The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments in all periods.
Realty consultants and developers said the real estate sector’s long-standing demand of making the 2% stamp duty rebate extension a permanent feature would go a long way in bolstering the residential sales momentum. The largest chunk of homes registered were in the mid-category homes of 501-1,000 sq ft size. At 1,903 units, it comprised 48% of all units that were registered in March. In March 2023, the share of registrations for homes in this category was 52%. The next highest was affordable homes of size up to 500 sq ft. The 1,775 homes registered in this category comprised 45% of all homes registrations. In the previous march, only 25% of homes registered were in the budget category.
Only 258 homes of over 1,000 sq ft were registered during the month and made up a measly 7% of home registrations. That is a big slide from the 25% share that these homes occupied in March 2023.
“Considering the registration data continues to ratify that a substantially large majority of apartments sold in Kolkata are below 1,000 sq ft, it is hence worthwhile for all the stakeholder to figure out how to create large land parcels which are affordable, connected and supported by social infrastructure,” said Knight Frank India east senior director Abhijit Das.