Kolkata sees 3,656 apartment registrations in Nov 2023: Report

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December 29, 2023: Kolkata in November 2023 reported registrations of 3,656 apartments, mentions a recent analysis by real estate consultant Knight Frank India.  The report mentioned that on a year-on-year (YoY) basis, this marks a 20% upswing compared to November 2022. Apartment registrations remained strongly encouraged by the continuation of the stamp duty rebate. However, on a month-on-month basis, apartment registrations saw a decline of 18% over the preceding month of October attributed to the base effect from October 2023, pointed the report.

According to the Knight Frank report, a total of 39,123 units have been registered in KMA since January 2023. The data encompasses transactions in both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout all periods. 

 

Registered in November 2023

 Report

Source: Directorate of Registrations and Stamps Revenue, Government of West Bengal

*Includes apartment sales documents registered with flat/apartment sizes captured at the time of registration of the property    

 

Abhijit Das, senior director – East, Knight Frank India, said, “With a sustained pause in the RBI policy rates which is keeping home loan rates consistent and coupled with an overall uptick of sentiments within the Indian macro-economy, residential sales continue to witness robustness in the Kolkata residential market. New project launches are also contributing to the positive trend in sales in Kolkata. The new year is very likely to witness growth in overall sales in the Kolkata market.” 

 

Monthly Residential Sales Deeds Registered: July 2021 – November 2023

Total Number of Residential Sales Deeds Registered* In KMA YoY trend MoM trend
July 2021 2,998 39% 111%
August 2021 7,316 268% 144%
September 2021 4,846 79% -34%
October 2021 4,683 87% -3%
November 2021 1,140 -62% -76%
December 2021 3,968 -10% 248%
January 2022 2,391 -33% -40%
February 2022 1,593 -65% -33%
March 2022 4,697 -14% 195%
April 2022 3,280 -11% -30%
May 2022 4,233 230% 29%
June 2022 3,044 114% -28%
July 2022 6,709 124% 120%
August 2022 6,238 -15% -7%
September 2022 5,819 20% -7%
October 2022 6,788 45% 17%
November 3,047 167% -55%
December 3,274 -17% 7%
January 2023 4,178 75% 28%
February 2023 2,922 83% -30%
March 2023 3,370 -28% 15%
April 2023 2,268 -31% -33%
May 2023 2,863 -32% 26%
June 2023 3,437 13% 20%
July 2023 4,036 -40% 17%
August 2023 3,605 -42% -11%
September 2023 4,347 -25% 21%
October 2023 4,441 -35% 2%
November 2023 3,656 20% -18%

Source: Directorate of Registrations and Stamps Revenue, Government of West Bengal

*Includes apartment sales documents registered with flat/apartment sizes captured at the time of registration of the property

 

Apartment Size Analysis Comparison

Year 0-500 sq ft 501-1000 sq ft More than 1001 sq ft
November 2023 952 1,865 839
YoY % Change 30% 20% 11%

Source: Knight Frank India 

 

Chart 2: Micro-market share by Percentage

 Report

Source: Knight Frank India

 

During November 2023, the North Zone topped the micro-market registration list with a 37% share of Kolkata’s total apartment registrations. A year ago, North Zone was at the second-highest position in the total registrations in November 2022 with a 32% share. In the past one year, the share of this zone in the total property registrations has increased to the first rank. In November 2023, South Zone was at the second highest position with 33% share whereas in November 2022, this zone topped the micro-market list with a 42% share. The share of Rajarhat, which was 3% in November 2022 increased to 9% in November 2023. The share of West zone remained stagnant at 7% during both periods. The share of East and Central largely remained stable during both November 2022 and November 2023.

 

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

 

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