April 25, 2024: The Kolkata Metropolitan Region (KMR) reported registrations of 3,936 apartments, recording a 17% year-on-year (YoY) growth in March 2024, as per a recent Knight Frank report.
As per the report, the real estate sector’s long-standing demand of making the stamp duty rebate extension a permanent feature of the Kolkata market would go a long way in bolstering the residential sales momentum.
The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods.
Monthly residential sales deeds registered: July 2021 – March 2024
| Total Number of Residential Sales Deeds Registered* | In KMA | YoY trend | MoM trend |
| July 2021 | 2,998 | 39% | 111% |
| August 2021 | 7,316 | 268% | 144% |
| September 2021 | 4,846 | 79% | -34% |
| October 2021 | 4,683 | 87% | -3% |
| November 2021 | 1,140 | -62% | -76% |
| December 2021 | 3,968 | -10% | 248% |
| January 2022 | 2,391 | -33% | -40% |
| February 2022 | 1,593 | -65% | -33% |
| March 2022 | 4,697 | -14% | 195% |
| April 2022 | 3,280 | -11% | -30% |
| May 2022 | 4,233 | 230% | 29% |
| June 2022 | 3,044 | 114% | -28% |
| July 2022 | 6,709 | 124% | 120% |
| August 2022 | 6,238 | -15% | -7% |
| September 2022 | 5,819 | 20% | -7% |
| October 2022 | 6,788 | 45% | 17% |
| November | 3,047 | 167% | -55% |
| December | 3,274 | -17% | 7% |
| January 2023 | 4,178 | 75% | 28% |
| February 2023 | 2,922 | 83% | -30% |
| March 2023 | 3,370 | -28% | 15% |
| April 2023 | 2,268 | -31% | -33% |
| May 2023 | 2,863 | -32% | 26% |
| June 2023 | 3,437 | 13% | 20% |
| July 2023 | 4,036 | -40% | 17% |
| August 2023 | 3,605 | -42% | -11% |
| September 2023 | 4,347 | -25% | 21% |
| October 2023 | 4,441 | -35% | 2% |
| November 2023 | 3,656 | 20% | -18% |
| December 2023 | 3,737 | 14% | 2% |
| January 2024 | 1,184 | -72% | -68% |
| February 2024 | 4,806 | 64% | 306% |
| March 2024 | 3,936 | 17% | -18% |
IGRS West Bengal
*Includes apartment sales documents registered with flat/apartment sizes captured at the time of registration of the property
Apartment size analysis comparison
Source: Knight Frank India
As per the report, the share of units under 500 sqft increased from 24% in March 2023 to 45% by March 2024. Apartments sized between 501 to 1,000 sqft constituted for 48% of the total registrations in March 2024, down from 52%a year earlier. Notably, units exceeding 1000 sqft decreased from 25% to 7% during the same period.
Abhijit Das- senior director, east, Knight Frank India, said, “Considering that the registration data continues to ratify that a substantially large majority of apartments sold in Kolkata are below 1,000 sqft, it is hence worthwhile for all the stakeholder to figure out how to create large land parcels which are affordable, connected and supported by social infrastructure. These land parcels can then be developed into efficient yet affordable apartment projects for consumers.”
Micro-market share by percentage
Source: Knight Frank India
As per the report, in March 2024, the south zone led Kolkata’s apartment registration tally with a 44% share of the total, down from 46% a year prior. The north zone followed with a 30% share, up from 25% in March 2023. These two zones remained popular due to affordable options dominating the residential market. The share west and east zones saw marginal increase, while the central zone’s share remained unchanged.
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