Knight Frank India, country’s leading real estate consultancy, in its latest assessment noted the registration of 3,280 apartment sale documents in Greater Kolkata in April 2022.The city has seen sales of 11,961 properties since the onset of the year. Residential property registrations moderated in April 2022, recording a 30% MoM de-growth.
Home buyers remained cautious of decision-making, due to the price hike, noticeable in the total registration count of sale documents in this month. Since the introduction of the stamp duty rebate in July 2021, 36,912 homes have been registered in Greater Kolkata till April 2022.Compared to the corresponding previous period of July 2020 to April 2021, the latest 10-month period noted an 8% annual uptick in new sales registrations.
Captured for all residential sales documents registered with flat/apartment sizes mentioned, the registration data encompassed transactions in both primary and the secondary markets.
The pandemic has shifted home buyers’ preferences from compact sizes to bigger units, a trend that continues to play out in the residential real estate market.
This is also a major reason for slowdown in the launches of compact sized units over the past one year. Of the various configurations, homes in the range of 501-1,000 sq ft continued to account for the highest share of 47% of the total registrations in April 2022. The remaining configurations, of apartments up to500 sq ft as well as unit sizes of 1,001 sq ft and above, comprised a 27% and 26% share each in the total registration pie.
North, South and West remained the top three best performing zones in terms of home sales in April 2022.North Zone expanded from 29% of the total in April 2021 to 40% in April 2022 as peripheral locations in this zone gained a lot of traction from homebuyers. At 31%, South Zone remained largely stagnant compared to the previous year. Residential products in the ticket size bracket of INR 40 to 80 lakhs remained the most preferred category across the city. West Zone, however, saw a decline from 18% in April 2021 to 15% in April 2022.
