Registration of residential sales in Kolkata dips 15% year-on-year in August 2022

September 27, 2022
Registration of residential sales in Kolkata dips 15% year-on-year in August 2022

KOLKATA: Registration of residential sales documents in August 2022 was the third highest since the inception of the stamp duty window in July 2021. However, registrations dipped 7% against July 2022 although the decline was much sharper when compared to August 2021 at 15% as the latter had witnessed the highest home sale document registrations since the announcement of the incentive.

In all, 6,238 residential properties were registered in Kolkata Metropolitan Area in August 2022, down from 6,709 in July 2022. In August 2021 that had witnessed record registrations, the figure was 7,316.

The stamp duty cut was initially proposed in mid-July 2021, post which, the market sentiment towards home ownership continued to improve. Since the announcement, 57,136 residential properties have been registered in KMA. The numbers capture all residential sales documents registered with flat/apartment sizes mentioned, the registration data comprising transactions in both the primary and secondary markets.

Of the various configurations, homes in the range of 501-1,000 sq ft continued to account for nearly half or 49% of the total registrations in August 2022. The bigger unit sizes of more than 1,001 sq ft comprised 26% share in the total pie. Smaller units of up to 500 sq ft comprised one-fourth share of the total.

In line with past trends, north and south continued to be the best performing zones in August 2022.

The share of the north zone expanded from 29% of the total in August 2021 to 40% in August 2022 as the northern suburbs gained traction from home buyers. The south zone’s share largely remained similar to August 2021, at 32% in the August 2022 period.

Knight Frank India chairman & managing director Shishir Baijal said, “The robust home-buying spree, witnessed since the introduction of the stamp duty cut, continued in August 2022, when compared to the same period last year. Nevertheless, August 2022 noted the third highest total of residential sales documents registered in the Kolkata Metropolitan Area. A further extension of the stamp duty rebate beyond September 2022 would incentivize buyers to close property transactions and would continue to benefit the exchequer.”

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