Kolkata has made a new mark with a 5-year record in property registrations amidst upbeat homebuying sentiment.
After a slowdown in property registrations in January 2024,a buoyant uptrend was witnessed in February this year, marking a 306% month-on-month (MoM) growth in Kolkata real estate market. On an annual basis, this represents a strong 64% year-on-year (YoY) growth. While the stamp duty rebate extension continues to influence the apartment registrations positively, it would benefit the city’s real estate sector if it were made a permanent feature of the market to keep the homebuying sentiment upbeat. The Knight Frank data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods.The volume of property registrations in February 2024 also depicts sequential surge in property registrations in the past three years.
The share of unit sizes up to 500 sq ft scaled up from 27 percent in February 2023 to 43 percent at the end of February 2024. Apartments ranging from 501 to 1,000 sq ft constituted 48 percent of the total registrations . The share of this apartment size category moderated marginally from February 2023 when it constituted 50 percent of the total. Notably, the share of unit sizes over 1000 sq ft shrunk from 23 percent to 9 percent during the same period.
According to Abhijit Das, Senior Director, Knight Frank India, these impressive figures not only highlight the city’s economic buoyancy but also a dynamic shift in the preferences of homebuyers, reaffirming Kolkata’s position as a thriving real estate market, underscoring its resilience and vitality.
Micro-market Share by Percentage
The North Zone topped the micro-market registration tally with a 43 percent share of Kolkata’s total apartment registrations. A year ago, North Zone ranked at the second-highest position with a 21 percent share. In the past one year, the share of this zone in the total property registrations has increased to the first rank largely due to the availability of affordable housing products which are in demand amongst the price-sensitive homebuyers. South Zone was at the second highest position with 33 percent share. On an annual comparison, the share of this zone has shrunk from 41 percent to the current levels. The share of Rajarhat remained stable at 6 percent in the past one year. However, Central, East and West zones witnessed moderation in their shares in the past one year.
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