Over 3K apartments registered in April in Greater Kolkata

KOLKATA: Greater Kolkata has witnessed the registration of 3,280 apartment sale documents in Greater Kolkata in April 2022. Residential property registrations moderated in April 2022 and recorded a 30 per cent MoM (month on month) degrowth.

Since the introduction of the stamp duty rebate in July 2021, as many as 36,912 homes have been registered in Greater Kolkata till April 2022. Compared to the corresponding previous period of July 2020 to April 2021, the latest 10-month period noted an 8 per cent annual uptick in new sales registrations.

The city has seen sales of 11,961 properties since the onset of the year, according to data sourced from state government’s Directorate of Registrations and Stamps Revenue and Knight Frank India Research.

North, South and West remained the top three best performing zones in terms of home sales in April 2022. The North Zone expanded from 29 per cent of the total in April 2021 to 40 per cent in April 2022, as peripheral locations in this zone gained a lot of traction from homebuyers.

At 31 per cent, South Zone remained largely stagnant compared to the previous year. Residential products in the ticket size bracket of INR 40 to 80 lakhs remained the most preferred category across the city. West Zone, however, saw a decline from 18 per cent in April 2021 to 15 per cent in April 2022.

Home-buyers remained cautious of decision-making, due to the price hike, noticeable in the total registration count of sale documents this month.

“Considering the fact that since last July 2021, there was a stamp duty reduction by 2 per cent and circle rate reduction by 10 per cent, a lot of transactions have happened. Both buyers and sellers taking advantage of these reduced rates concluded the transactions and many deals took place,” said Sushil Mohta, President, Credai West Bengal and Chairman, Merlin Group.

“However, now with the increase in home loan rate, there may be a temporary setback for a month or so in sales. But that will not last for a long time unless further increase happens.,” said Mohta.