New Delhi: Residential property registration in the Kolkata area fell 10 percent in December to 3,968 units, but the numbers increased 64 percent in the last calendar year to nearly 45,000 units, according to Knight Frank. The registration of homes in December 2020 was 4,422 units.
For all of last year, as many as 44,940 units were recorded compared to 27,328 units in the calendar year 2020.
The consultant noted that 56 percent of these units have been registered since the introduction of the stamp duty reduction in July 2021.
Registration data is for registered residential sales documents and transactions listed on the primary and secondary markets.
“The 2 percent stamp tax discount revitalized the residential real estate sector in Kolkata in the second half of the year as the city was battling COVID-19 due to economic uncertainty,” Knight Frank said in a statement.
Knight Frank India Chairman and CEO Shishir Baijal said the low stamp duty regime expires this month.
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“Possible movement restrictions due to the high incidence of the Omicron virus will be a factor affecting property registration activity in the first month of the new year,” he added.
Turning to the higher record figure, Amit Goyal, CEO of India Sotheby’s International Realty, said that the stamp duty cut by the West Bengal government last year, coupled with low mortgage loan rates, All-time highs in stock markets, and pent-up demand were catalysts for higher demand and transactions in Kolkata.
“Not just in affordable real estate, we’ve also seen a significant increase of around 30 percent in demand for premium and luxury properties,” Goyal said.
According to data from Knight Frank, registration for apartments up to 500 square feet fell 32 percent to 11,268 units in 2021 compared to 16,688 units the previous year.
In the 500-1,000 square foot category, registration tripled to 20,975 units out of 6,787 units, while registration for apartments over 1,000 square feet more than tripled to 12,697 units out of 3,853 units.
The pandemic has made larger apartments a favorite among homebuyers across India, and the same trend is spreading in Greater Kolkata as well.
In the city, Knight Frank said the small southern market took one-third of residential sales deed registrations in 2021, while the northern part of the city took 31 percent of all registrations.
Emami Realty MD and CEO Nitesh Kumar said: “There has been an increase in the registration of luxury properties and townhouses in Kolkata. Kolkata has seen a significant increase in registration as a result of the stamp tax extension and reductions in the circuit fee “.
He said that NRIs are also investing in Kolkata and he expects this trend to continue in the future.
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