In September 2023, the Kolkata Metropolitan Area (KMA) recorded 4,347 apartment registrations, reflecting a 25% year-on-year decrease. Since the beginning of the calendar year 2023, a total of 31,026 apartments have been registered in the region. These findings come from a report by Knight Frank.
Out of the total registrations for the year 2023, 14% occurred in September, indicating a 21% increase compared to August 2023.
Abhijit Das, Senior Director – East, Knight Frank India, explained the year-on-year decrease as being attributed to a base effect from the previous year, which had seen a significant surge in registrations due to strong consumer sentiment driven by the extension of the stamp duty rebate. He further noted that the recent extension of the stamp duty reduction by the West Bengal government is expected to sustain the positive trend in property purchases and registrations in the state.
In September 2023, the North Zone led the list of micro-market registrations, accounting for 37% of Kolkata’s total apartment registrations. This represents a decline from the previous year when the North Zone constituted 46% of the total registrations.
Apartments ranging from 501 to 1,000 square feet constituted 56% of the total registrations in September 2023, compared to 46% during the same period in the previous year.
The share of smaller unit sizes, up to 500 square feet, decreased from 24% in September 2022 to 17% in September 2023. Despite the repo rate pause, the share of apartments in this size category has seen a decline over the past year.
Units sized above 1,000 square feet accounted for 27% of the total registrations in September 2023. In September 2022, this category represented 30% of the registrations, as stated in the report.