Kolkata hike 124% registrations YoY in property

In Kolkata, the residential realty market shows an amazing recovery in housing sales. This happened after the pandemic-induced lull over the last two years. Kolkata registered the second-highest number of property registrations in July 2022 in terms of home sales. After the comeback of Kolkata’s realty market, the state government founded various sops to encourage fence-sitters to enter the market. The city saw an excessive hike in property registrations in August 2021, recording over 7,300 property registrations. Although, it happens after two years of pandemic. Nowadays, Kolkata and its suburbs recorded a flow in July 2022 which indicated an upsurge in property registrations by 124% YoY. Therefore, propertywala shares every factor about Kolkata hike 124% registrations in residential property.

Some key facts regarding Kolkata hike 124% registration in residential property:

  1. According to the transactions in July 2022, nearly 49% of the total registrations are in the 501-1,000 sq ft range. Units with a floor area of 1,001 sq ft or more account for only 25% of the total pie. The share of smaller units up to 500 sq ft is 26%. 
  2. As of July 2022, about 6,700 sale documents were registered compared to July 2021, recording a growth of Kolkata hike 124% YoY registrations in property.
  3. Since July 2021, Kolkata has recorded the registration of about 50,900 properties in a year. 

However, among all the zones in Kolkata regarding the property registration, the northern and southern belts saw the maximum interest among homebuyers and succeeded in maximum sale conversions in July 2022.

Conclusion :

According to the Shishir Baijal, Chairman and Managing Director, Knight Frank India, “Although home loan rates have increased recently in Kolkata. So, there has been a strong home buying trend in July 2022. This is a testimony supporting the idea that there is a latent demand for homes that will move the residential market with the right growth.” This high growth is a result of the importance of benefiting from the lowest stamp duty before the rebate period closes. When the stamp duty rate cut ends by September 2022, the industry committed that the sales momentum will continue. Thus, in light of the low stamp duty charge, many home buyers are looking for property purchases and registrations before any further rise in home loan interest rates.

Kolkata real estate take a hike after Price protect scheme

With Kolkata residential market still trying to rise from the after effects of demonetisation, developers have started applying their tricks to attract more and more customers by offering them innovative schemes.
The price protect schemes that were launched recently with the budget, in which the interested consumers would enjoy the benefit in case there will be any decrease in property rates, have helped in increasing the demands by 15% after the two months that followed the demonetisation.
Jitendra Khaitan, CMD of pioneer Property Management Ltd. Have stated that the Market is facing a positive growth and that approximately 50% hike in queries is expected along with a hike of 10-15% in actual sales. However, the price protect scheme is temporary, it will still effect the market majorly and increase the real estate market to a great extent in profit.
Khaitan also put out the word that these schemes are highly helping the market recover from the downfall after demonetisation. After the demonetization struck the nation there was almost up to 40% drop in queries and sales of homes in and around Kolkata as buyers waited for a fall in real estate prices.

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