Housing registrations in Kolkata dip 10% to 3,968 units

Listing of residential properties in Kolkata dropped 10% in December to 3,968 units, but the numbers increased 64% in the past calendar year to about 45,000 units, as per Knight Frank.

The listing of houses in December 2020 reached 4,422 units. In 2021, as many as 44,940 units were listed, as against 27,328 units in the 2020 calendar year. The consultant reported that 56% of these units were listed since the introduction of the stamp duty decrease in July last year.

The registration data is for housing sales documents listed and comprised deals in both the primary and the secondary market. The 2% stamp duty rebate has revived Kolkata's residential real estate sector in the second half of the year as the city fought Covid-19 induced economic tensions, Knight Frank said in a statement.

Knight Frank India Chairman and Managing Director Shishir Baijal told the media that the lower stamp duty regime ends this month. The possible mobility constraints due to increasing Omicron virus cases would be an element affecting the property enrollment activity in the first month of the new year.

On higher registration number, Amit Goyal, CEO of India Sotheby's International Realty, told the media that the decline in the stamp duty by the West Bengal government in 2021, coupled with low home loan rates, all-time high equity markets and pent-up demand were the factors for the boost in demand and deals in Kolkata.

Not just in the affordable sector, they observed a considerable increase of approximately 30% in demand for high-end and luxury properties as well. As per the Knight Frank data, the listing of flats in sizes up to 500 s ft dropped 32% to 11,268 units in 2021 as against 16,688 units in the previous year.

In the category of 500-1000 sq ft, the registration surged three times to 20,975 units from 6,787 units, while the listing of flats above 1,000 sq ft increased over three-fold to 12,697 units from 3,853 units. The pandemic has provided bigger houses preferrable amongst home buyers across India, and the same trend is playing out in Greater Kolkata.

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