A total of 31,026 apartments have been registered in Kolkata Metropolitan Area (KMA) since the beginning of calendar year 2023, according to real estate consultancy Knight Frank. Of the total registrations in 2023, 14% occurred in September, marking a 21% increase compared to August 2023. However, on a year-on-year (YoY) basis, the registrations have dipped by 25% when compared with September 2022. These numbers encompass transactions in both fresh sale and resale markets for residential apartments throughout all periods.
In October 2023, the Reserve Bank of India (RBI) decided to keep the repo rate unchanged for the fourth time in this fiscal year. This development, coupled with extension of the stamp duty benefit just before the festive period, will help channel demand in Kolkata’s residential real estate market in the coming months, says Knight Frank India.
Number of sales deeds registered in Kolkata in 2023
| Month (2023) | Number of units registered |
| January | 4,178 |
| February | 2,922 |
| March | 3,370 |
| April | 2,268 |
| May | 2,863 |
| June | 3,437 |
| July | 4,036 |
| August | 3,605 |
| September | 4,374 |
Abhijit Das, senior director– east, Knight Frank India, said, “The year-on-year decrease can be attributed to the base effect from the previous year, which saw significant growth in registrations due to increased strong consumer sentiment encouraged by the continuation of the stamp duty rebate. The recent extension of the stamp duty reduction by the West Bengal government is expected to maintain the positive trend in property purchases and registrations in the state, especially now that interest rates have stabilised. Given its cumulative impact over several previous quarters, this is likely to continue boosting sales growth in the coming quarters.”
In September 2023, apartments ranging from 501 to 1,000 square foot (sqft) constituted 56% of the total registrations compared to 46% during the year ago period. The share of smaller unit sizes, up to 500 sqft, shrunk from 24% in September 2022 to 17% in September 2023. Despite the repo rate pause, the share of apartments in this size category has declined over the past one year. Units sized above 1,000 sqft comprised 27% share in the total registrations. In September 2022, this unit size category comprised 30% share.
Apartment size analysis comparison
| Year | 0-500 sqft | 501-1,000 sqft | More than 1,001 sqft |
| September 2023 | 739 | 2,416 | 1,192 |
| MoM % Change | -24% | 39% | 33% |
During September 2023, Kolkata’s North Zone topped the micro-market registration list with a 37% share of Kolkata’s total apartment registrations. A year ago, the North Zone accounted for 46% of the total registrations. During both periods, the North Zone garnered the maximum number of registrations, despite the moderation in share in September 2023. However, the share of South Zone has increased from 20% in September 2022 to 34% of total registrations in September 2023. The share of Rajarhat, Central and West Zones remained largely at par in both the periods.
| Zone in Kolkata | Share of registrations in Sep’22 | Share of registrations in Sep’23 |
| Central | 4% | 5% |
| East | 13% | 9% |
| West | 7% | 7% |
| North | 46% | 37% |
| South | 20% | 34% |
| Rajarhat | 8% | 9% |
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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.
Email: [email protected]
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