Kolkata’s Property Market Hits New High, 50% Rise in Apartment Registrations in August 2024: Report

Kolkata’s Property Market Hits New High, 50% Rise in Apartment Registrations in August 2024: Report

Kolkata records massive growth in property registration in August 2024. (Representative image)

Compared to August 2023, the share of units up to 500 sq ft surged up from 27% to 45% by August 2024.

According to Knight Frank, the real estate consultancy, 5,410 apartments were registered in the Kolkata Metropolitan Region in August 2024, marking the highest number of registrations this year. This comes just two months after the state government’s withdrawal of incentives, including a 2% stamp duty cut and a 10% reduction in circle rates.

Apartment registrations in August 2024 witnessed a 50% year-on-year (YoY) growth and a 54% increase on a month-on-month basis (MoM) compared to July 2024.

The data below includes transactions from both primary (fresh sale) and secondary (re-sale) markets for residential apartments throughout this period.

Source: Directorate of Registrations and Stamps Revenue, Government of West Bengal; Knight Frank India*Includes apartment sales documents registered with flat/apartment sizes captured at the time of registration of the property

Monthly Residential Sales Deeds Registered: July 2021 – August 2024

Total Number of Residential Sales Deeds Registered* In KMA YoY trend MoM trend
July 2021 2,998 39% 111%
August 2021 7,316 268% 144%
September 2021 4,846 79% -34%
October 2021 4,683 87% -3%
November 2021 1,140 -62% -76%
December 2021 3,968 -10% 248%
January 2022 2,391 -33% -40%
February 2022 1,593 -65% -33%
March 2022 4,697 -14% 195%
April 2022 3,280 -11% -30%
May 2022 4,233 230% 29%
June 2022 3,044 114% -28%
July 2022 6,709 124% 120%
August 2022 6,238 -15% -7%
September 2022 5,819 20% -7%
October 2022 6,788 45% 17%
November 2022 3,047 167% -55%
December 2022 3,274 -17% 7%
January 2023 4,178 75% 28%
February 2023 2,922 83% -30%
March 2023 3,370 -28% 15%
April 2023 2,268 -31% -33%
May 2023 2,863 -32% 26%
June 2023 3,437 13% 20%
July 2023 4,036 -40% 17%
August 2023 3,605 -42% -11%
September 2023 4,347 -25% 21%
October 2023 4,441 -35% 2%
November 2023 3,656 20% -18%
December 2023 3,737 14% 2%
January 2024 1,184 -72% -68%
February 2024 4,806 64% 306%
March 2024 3,936 17% -18%
April 2024 3,839 69% -2%
May 2024 3,377 18% -12%
June 2024 4,292 25% 27%
July 2024 3,506 -13% -18%
August 2024 5,410 50% 54%

Abhijit Das, Senior Director- East, Knight Frank India said, “Following a 13% dip in property sales in July 2024 due to the end of the stamp duty rebate, the Kolkata Metropolitan Region saw a strong rebound with a 54% MoM increase in registrations, reflecting homebuyers’ renewed confidence in the market. The city also experienced a significant 45% growth in demand for units up to 500 sq ft. The market’s tenacity and underlying demand is expected to drive growth in the residential sector.”

Compared to August 2023, the share of units up to 500 sq ft surged up from 27% to 45% by August 2024. Interestingly, apartments from 501 sq ft to 1,000 sq ft maintained a steady share of 48% during both August 2023 and 2024.

However, the share of units over 1000 sq ft saw a sharp decline, dropping from 25% to 7%. 25% to 7% when compared during the same period. Unlike the trends unfolding in other Indian cities, the registration of larger units (1000+ sq ft) has significantly decreased over the past year, especially since February 2024.

In August 2024, the city witnessed that the top position in apartment registration tally is jointly held by the South and the North Zone with a share of 35% each. The East Zone follows closely with a 10% share, which has remained stagnant during both years. Similarly, Rajarhat’s share remained steady at 6% – 8% during both years.

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