Kolkata Metropolitan Area (KMA) witnessed an 83 per cent year-on-year increase in residential apartment registrations in February 2023, according to a report of a realty consultancy firm on Saturday.
A total 2,922 residential apartments were registered in February 2023 for Kolkata Metropolitan Area against 1,593 apartments that were in the corresponding time in 2022, it said.
Also read: New Senior Citizen Savings Scheme notification: SCSS deposit limit doubles along with rate hike
However, on a month-on-month basis, the volume has reduced by 30 per cent compared to January 2023, the report by Knight Frank said.
The affordable segment accounted for the majority of the sales, with apartments in the 501-1,000 sq ft size range accounting for half of the total registrations.
“Since the initial stamp duty cut announcement in July 2021 more than 83,000 residential properties have been registered in the city from July 2021 to February 2023. The 18-month period before the introduction of the stamp duty rebate saw registrations of nearly 47,000 units,” the report said.
The data relates to transactions in both primary (fresh sale) and secondary (resale) markets for all residential apartments for all periods, it said.
Knight Frank India Senior Director(East) Abhijit Das said a large set of home buyers have been benefitted with the state government extending the period for stamp duty cut to increase the real estate attraction of the city, which is the country’s gateway market in the eastern region.
Also read: Mahila Samman Savings Certificate (MSSC) 2023 notified. Check eligibility, last date, interest details here
“The positive impact of this announcement has helped both the demand sustenance and new supply infusion in the residential market in the past 20 months,” he said.
The extension of the stamp duty rebate for the sixth time is valid till September 30.