In a recent analysis, Knight Frank, India's leading real estate consultancy, reported that in November 2023, a total of 3,656 apartments were registered. 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. 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.
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.”
In November 2023, apartments ranging from 501 to 1,000 sq ft constituted 51% of the total registrations remaining stable over the past one year. In November 2023, the share of unit sizes over 1000 sq ft moderated to 23%. Lastly, the share of unit sizes up to 500 sq ft, scaled up marginally to 26% at the end of November 2023.
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.
