The residential market in the metropolis witnessed a 62 percent growth Y-o-Y in 2021 with 14,405 housing units sold during the year, according to a report released on January 6.

 

New launches also saw a whopping rise of 81 percent year-on-year with the addition of 7,510 units in the last calendar year, a leading International Property Consultant said in its second half-yearly study of 2021.

 

The spectacular growth in sales during the year was largely due to a strong performance in the second half, and as a result, 2021 recorded the highest sales in the primary residential market in the past five years.

 

“Around 64 percent of the total primary market sales of 2021 in Kolkata was achieved in H2 (July-December) alone, as two percent government rebate on stamp duty for property registrations played a crucial role in the rejuvenation of the residential market,” the report said.

 

South and North remained the most favored micro-markets accounting for 36 percent and 27 percent of H2 2021 sales respectively.

 

The home and office realty market in the city has shown “resilience” despite COVID-19 challenges during the year, the report said.

 

The total office transactions in 2021 stood at 0.8 mn sqft. New completions in the year for office space was recorded at 0.6 mn sqft.

 

In the office sector, the city observed a strong demand bounce-back in H2 with the October-December period of 2021 witnessing the highest transaction volume of the four quarters of the year and a 234 percent quarter-on-quarter growth over the July-September period.

 

The banking, financial services and insurance sector also witnessed a growth in the market share from merely one percent in the second half of 2020 to 9 percent in the corresponding period last calendar year.

 

Source: The Economic Times