• Before end of rebate, highest no. of homes registered in June in 5 years
    Times of India | 25 July 2024
  • Kolkata: As many as 4,292 residential properties were registered in Kolkata Metropolitan Area in June, the last month when one could avail the stamp duty rebate in the state. This was the best June performance in five years in terms of property registration, recording a 25% growth over the corresponding period last year. The state govt had announced the withdrawal of the incentives — including 2% stamp duty rebate and 10% reduction in circle rate — effective from July 1, 2024.

    Figures collated by real estate consultancy firm, Knight Frank, also showed that since July 2021 when the incentives were announced, Kolkata had seen registration of 1.4 lakh homes.

    Sales momentum was particularly robust in the last six months between Jan and June 2024 with registration of 21,434 residential units, around 13% more than the registrations in the corresponding period last year.

    Compared to June 2023, the share of unit sizes measuring up to 500 sq ft scaled up from 36% to 42%. Apartments in the range of 501 to 1,000 sq ft remained the most resilient at 51% of the total registrations done in June 2023 and June 2024. However, the share of unit sizes over 1,000 sq ft reduced from 22% to 7% during the same period. Since Feb 2024, the share of this category reduced to single digit percentage for the first time in the past four years. In June 2023, the south zone topped the micro-market registration tally with a 57% share of Kolkata’s total apartment registrations. In a year’s time, the share of this key zone has moderated to 33% as per the data reviewed for June 2024. North zone, which held the second rank with a 16% share in June 2023 registration tally has risen to the top slot in June 2024 with a 43% share in the total registration pie. East zone witnessed its share moderate from 16% in June 2023 to 10% in June 2024.

    In line with past trends, both the south and north zones have remained at the forefront of home-buying activity. Due to the availability of affordable products, these zones together constitute the lion’s share of the apartment registrations. The West zone witnessed its share rise to 15% from 8% a year ago. The share of other zones largely remained stable in the past one year. Share of Rajarhat in the registration pie has, however, reduced from 57% in June 2023 to 33% for the same period this year.

    Knight Frank India senior director (east) Abhijit Das said, “We believe that the market's resilience and latent demand will help continue the growth of the residential market, albeit at a moderated pace without the stamp duty incentive.” “We urge the state govt to support us by lowering the stamp duty as the stamp duty in many states is less than that of West Bengal,” said Credai West Bengal president Sushil Mohta.
  • Link to this news (Times of India)