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Residential property registrations in Kolkata and its periphery saw a 64 per cent jump year-on-year (y-o-y) in 2021 to 44,940 units.
Nearly 56 per cent of these units were registered since the introduction of the stamp duty cut in July. However, mobility restrictions due to increasing Covid infections could lead to impact on property registration numbers, at least for the month of January this year.
A two per cent stamp duty rebate has resuscitated Kolkata’s residential real estate sector in the second half of the year as the city battled Covid-19 induced economic uncertainties, property consultant, Knight Frank India, said in its report.
According to data form the agency, residential sales deeds registered saw a 248 per cent month-on-month growth in December (over November). In December last year 3968 sales deeds were registered as against 1140 in November.
On a y-o-y comparative basis, November and December 2021 sales were lower than the previous year (2020) by 62 per cent and 10 per cent, respectively.
Growth across categories
In terms of unit sizes, apartments up to 46 square meters(of 500 square feet) witnessed 62 per cent y-o-y decline in December 2021.
For the month under review, unit sizes in the 500-1,000 square feet range and over 1,000 square feet saw a 67 per cent and 73 per cent growth respectively.
In 2021, yearly sales trends suggest that apartments in the 501-1,000 square feet range saw a 209 per cent growth while those in the 1,001 square feet and above range saw a 230 per cent growth over a year ago period.
Knight Frank India’s research suggest that South Kolkata micro-markets garnered one-third share of the residential sales deed registrations in 2021, while the North holds a 31 per cent share of the total.
According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, Kolkata’s property market witnessed improvement largely due to extension in the stamp duty cut window.
“While, we expect the registrations to remain healthy for January 2022, as it is the last month to avail discount on stamp duty, the possible mobility restrictions due to rising Omicron virus cases will be a factor impacting the property registration activity in the first month of the new year,” he said.
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