Over 4,200 homes registered in Kolkata in June; sale of smaller units boost

In June, the Kolkata Metropolitan Area witnessed the registration of 4,292 residential properties, marking the best June performance in five years and a 25% growth over the same period last year. This surge occurred as homebuyers rushed to take advantage of the state’s stamp duty rebate before it ended on July 1, 2024.

The state government had previously announced the withdrawal of incentives, which included a 2% stamp duty rebate and a 10% reduction in the circle rate.

According to real estate consultancy firm Knight Frank, Kolkata has seen the registration of 1.4 lakh homes since the incentives were introduced in July 2021. The sales momentum was particularly strong in the first half of 2024, with 21,434 residential units registered, showing a 13% increase compared to the same period last year.

In June 2024, the share of units up to 500 sq ft increased from 36% to 42% compared to June 2023. Apartments ranging from 501 to 1,000 sq ft remained the most popular, accounting for 51% of total registrations in both June 2023 and June 2024. However, the share of units over 1,000 sq ft dropped from 22% to 7% in the same period, with this category falling to single-digit percentages for the first time in four years since February 2024.

The south zone led the micro-market registration tally in June 2023, capturing 57% of Kolkata’s total apartment registrations.