With 3,656 registrations, Kolkata clocks 50% YoY rise in Nov home sales

KOLKATA: Registration of apartments in the Kolkata Metropolitan Area (KMA) last month was 50% higher than that recorded in November last year. At 3,656 registrations, it was the fifth highest this year. However, the November 2023 figure is 18% lower than the previous month, when 4,441 apartments were registered, the highest this year.

A total of 39,123 units have been registered in KMA this year so far.

The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods. The figures have been sourced from the state Directorate of Registrations and Stamp Revenue.

Mid-size homes of 500-1,000 sq ft comprise over half of the monthly registrations. Since the start of the stamp duty incentives in July 2021, around 1.2 lakh homes have been registered in KMA. Also, small units of 500 sq ft or below showed a 30% rise over the previous November to clock 952 registrations. Real estate consultancy firm Knight Frank India senior director (east) Abhijit Das said: "With a sustained pause in the RBI policy rates, which is keeping home loan rates consistent, coupled with an overall uptick of sentiments within the Indian macro-economy, residential sales continue to witness robustness in the Kolkata residential market. New project launches are also contributing to the positive trend in sales. The new year is likely to witness growth in sales here."

During November 2023, the north zone topped the micro-market registration list with a 37% share of Kolkata's total apartment registrations. A year ago, north zone was at the second-highest position in terms of total registrations in November 2022, with a 32% share.

In November 2023, the south zone was at the second highest position with 33% share whereas in November 2022, this zone topped the micro-market list with a 42% share. The share of Rajarhat, which was 3% in November 2022 ,increased to 9% in November 2023. The share of the west zone remained stagnant at 7% during both periods. The share of east and central largely remained stable during both November 2022 and November 2023.