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Monday, July 22, 2024

Stamp duty rebate results in the registration of over one lakh homes in two years

Initially introduced in the state budget of July 2021 to bolster the real estate sector during the pandemic, the extension of this rebate has led to a consistent uptick in property sales and registrations.

Since the introduction of the stamp duty rebate a little over two years ago, more than a hundred thousand apartments have been registered in the Kolkata Metropolitan Area (KMA).

Initially introduced in the state budget of July 2021 to offer support to the real estate sector during the pandemic, the extension of this rebate has consistently boosted property sales and registrations. Credai Bengal president Siddharth Pansari remarked, “This significant incentive remains a driving force for commercial activities and encourages prospective homebuyers.”

Since the introduction of the incentive scheme 26 months ago, a total of 102,743 apartments have been registered in the Kolkata Metropolitan Area (KMA). The existing incentives, effective until the end of this month, include a 2% stamp duty rebate and a 10% reduction in the circle rate. However, after experiencing three consecutive months of increased volume from May to July, there was an 11% month-on-month (MoM) decline in August 2023. In terms of year-on-year (YoY) comparison, August 2023 reflects a 42% decrease compared to August 2022, with a total registration count of 3,605 apartments for August 2023.

The data covers transactions in both the primary (new sales) and secondary (resale) markets for all residential apartments across all timeframes. Thakurpukur, Sonarpur, and Rajarhat have emerged as the top three areas for home registrations in August, with units ranging from 500 to 1,000 sqft constituting nearly half of the total registrations.

In August 2023, apartments ranging from 501 to 1,000 sq ft made up 48% of total registrations, slightly down from the 49% share observed during the same period in the previous year. Smaller unit sizes, up to 500 sq ft, accounted for 27% of registrations in August 2023, compared to a 25% share in August 2022. The pause in the repo rate has contributed to a gradual resurgence in demand for this category in 2023. Units larger than 1,000 sq ft constituted a one-fourth share of total registrations.

Source: realty.economictimes.indiatimes.com

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