Home Registrations Increase by 61% in West Bengal
Registration of residential sales agreements in December 2022 increased by 7% against the previous month. Also, in the 18 months since the introduction of the stamp duty rebate by the state government in July 2021 registration figures have increased by 61% against the figure clocked in the 18 months prior to that. However, the registrations in December 2022 were lower by 17% against December 2021. Homes of less than 500 sq ft took the biggest hit with registrations down 33% in a year. Developers said that the decline was on two counts hike in home loans interest rates and the government announcing and extensions of the stamp duty rate cut, which meant the urgency has waned. According Knight Frank Kolkata Metropolian Area witnessed registration of 3,274 sales in December 2022. While it was more than November 2022-when 3,047 residential sales agreements were registered- it was considerably lower than the count in December 2021 when 3,968 agreements were registered. Since the initial stamp duty cut announcement in July 2021 more than 76,000 residential properties have been registered in the city in period July 2021- December 2022. In the previous 18 months 47, 317 units had been registered. Apartments in the size range of 501-1000 sq ft accounted for half of the total registrations in December 2022. The share of bigger unit sizes of more than 1,001 sq ft was 29%. Smaller units of upto 500 sq ft comprised 21% share of the total.
Tags : registrations residential sales agreement stamp duty developers Knight Frank