Kolkata residential property market has sustained its growth momentum as homebuyers continued to acquire properties on the back of record-low interest rates and the state government sops.

Residential property registrations in Greater Kolkata in the 12 months of 2021 stood at 44,940 units, recording a growth of 64% compared to the previous year, with 56% of these units were registered since the introduction of the stamp duty cut in July 2021.

There has been a significant recovery in housing registrations as per December 2021 statistics. December 2021 recorded a 248% month-on-month (MoM) growth in the number of residential sales deeds registered. Whilst there is still a 10% YoY decline compared to December 2020, there has been substantial growth on MoM basis.

The stamp duty cut extension has acted as a catalyst for transaction closures. “The mammoth 248% MoM growth over the previous month came largely because extension about the stamp duty cut window became widely known amongst homebuyers. With one more month to go before the stamp duty cut window expires, we expect the registrations to remain healthy for January 2022, as it is the last month to avail discount on stamp duty” said a Property Consultant.

With the registration offices operational and the extension of the stamp duty cut window to 31st January 2022 known to prospective homebuyers, the buoyancy is back in the market. Further, record-low home loan rates, discounts and stamp duty reductions, registration of mid and luxury residential property transactions in Kolkata has continued to expand at a rapid pace.

In terms of unit sizes, apartments of 501 sq ft to 1,000 sq ft and above registered 67% and 73% YoY growth, respectively.

 

Source: https://economictimes.indiatimes.com