KOLKATA: Some 3,044 residential sales documents were registered in Greater Kolkata in June 2022, a 114% increase over 1,422 registrations in June 2021 when the city was reeling under the grip of the second Covid wave. But the count was down 21% against May 2022 when 4,233 sales documents were registratered.
Since the introduction of the stamp duty rebate in July 2021, more than 44,000 residential properties have been registered in the city and peripheral areas. In the previous corresponding period (July 2020 to June 2021), 36,792 residential properties had been registered.
While the high annual growth in June 2022 is on the back of a low base of properties registered in the corresponding month the previous year, the monthly slowdown in registration of properties is both because many have already completed the purchase and registration to take advantage of the 2% rebate on stamp duty and also because the two repo rate hikes leading to increase in home loan rates has led to reduced affordability of homebuyers. Developers acknowledged that enquiries had slowed down in the past month.
Of the properties registered, 47% comprised those of size 501-1,000 sqft while 27% were those below 500 sqft. The rest 26% were of apartments above 1,001 sqft. Around 52% properties registered are in north Kolkata, followed by 30% in south Kolkata and 15% in east. Rajarhat comprised just 1% while 2% of the properties were in central Kolkata.
Real estate consultant Knight Frank India CMD Shishir Baijal said, "In the one year since introducing stamp duty rebate in West Bengal, we have seen a 20% year-on-year growth in residential properties registered compared to the previous one-year period. There is, however, a month-on-month decline in June 2022. "
