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In a recent report by Knight Frank, a premier real estate consultancy, Kolkata Metropolitan Area (KMA) has witnessed interesting trends in property registrations and market dynamics. Since the beginning of 2023, a total of 35,467 apartments have been officially registered, with October 2023 standing out as a pivotal month. In October 2023, 4,441 apartments were registered, reflecting a modest 2% increase from the previous month and surpassing September's figures.
However, a year-on-year comparison reveals a significant 35% decrease compared to October 2022. The decline in year-on-year numbers is attributed to the remarkable growth in registrations in 2022. Robust consumer confidence, boosted by the ongoing stamp duty rebate, fuelled substantial growth.
The extension of the stamp duty rebate, announced before Diwali, and the Reserve Bank of India's decision to maintain the repo rate unchanged for the fourth time in this fiscal year, provide potential support for sustaining positive growth in Kolkata's residential real estate market in the coming months.
The data encompasses transactions in both primary (new sales) and secondary (resale) markets for residential apartments across all time frames, providing a comprehensive view of the market dynamics.
Breaking down the apartment registrations, October 2023 reveals a noteworthy shift in size preferences. Apartments ranging from 501 to 1,000 sq ft claimed the majority, constituting 53% of total registrations – a significant increase from the 44% reported in the same period the previous year. The share of smaller units, up to 500 sq ft, remained stable at 24% in both October 2022 and October 2023, indicating a consistent demand for these compact living spaces. Larger units, above 1,000 sq ft, comprised a 23% share in total registrations, marking a decrease from 32% in October 2022.
Micro-market registrations added another layer to the narrative, with the South Zone taking the lead in October 2023, constituting 39% of Kolkata's total apartment registrations. This marks a significant shift from October 2022 when the South Zone held the second-highest position with a 29% share. Over the past year, the South Zone's share in total property registrations has grown, securing the top position. The North Zone claimed the second position in October 2023, with a 34% share, indicating a decline from 38% in October 2022. Meanwhile, the shares of Rajarhat, Central, and West Zones remained relatively stable, showing minor variations.
Kolkata's real estate landscape is experiencing nuanced changes, from shifting size preferences among buyers to evolving dynamics in micro-markets. As the market responds to factors like the extension of stamp duty rebates and the RBI's monetary policy decisions, stakeholders are up for an interesting period of adaptation and growth in the city's real estate sector.
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