May 24, 2024: Kolkata Metropolitan Region reported the registrations of a total of 3,839 apartments in April 2024, as per the latest report by Knight Frank India. This is the best performance for any April month in the past five years in the city. On an annual basis, April 2024 apartment registrations represent a healthy 69% growth despite a minor correction of 2% compared to March 2024. The phase-wise extension of the remission of stamp duty since July 2021 has helped improve homebuying sentiment and the real estate sector has reaped the benefits of this state incentive repeatedly.
Kolkata apartment registrations in April over four years |
|
| April 2021 | 3,673 |
| April 2022 | 3,280 |
| April 2023 | 2,286 |
| April 2024 | 3,839 |
The share of unit sizes up to 500 square foot (sqft) scaled down from 46% in April 2023 to 43% at the end of April 2024. In contrast, apartments ranging from 501 to 1,000 sqft witnessed their share rise from 38% in April 2023 to 50% of the total registrations in April 2024. However, the share of unit sizes over 1,000 sqft reduced from 16% to 7% during the same period. A drastic reduction has been witnessed in the registrations of units sized above 1,000 sqft in the past one year, especially since the beginning of this calendar year when the share of this category shrunk to single digit percentage for the first time in the past four years.
Apartment size analysis for apartment registrations in April 2024 |
|||
| Apartment size | 0-500 sqft | 501-1,000 sqft | More than 1,000 sqft |
| No. of apartments registered | 1,657 | 1,910 | 272 |
| % of monthly total | 43% | 50% | 7% |
Abhijit Das, senior director- east, Knight Frank India, said, “While the city sees steady velocity in registrations, the share of larger homes of 1,000 sqft and more is significantly low. This indicates a slower demand for more expensive homes in the city, indirectly pointing to reduced buyer confidence, despite steady home loan rates and prices. Thus, stronger efforts must be made by authorities to build the state’s profile amongst various segments like IT/ITeS, financial services, manufacturing etc. that can attract more talent and alleviate the real estate sector on a holistic basis.”
In April 2024, the South Zone topped the micro-market registration tally with a 36% share of Kolkata’s total apartment registrations. A year ago, South Zone held the second rank with a 19% share. North Zone emerged at the second highest position in apartment registrations tally with a 35% share. In April 2023, North Zone was at the top of the registration tally with a substantial 42% share. In line with past trends, both the South and North zones have remained at the forefront of homebuying activity. Due to the availability of affordable products, these zones together constitute the lion’s share of the apartment registrations. The West zone witnessed its share rise to 15% from 8% a year ago. The share of other zones largely remained stable in the past one year.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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