Kolkata Property Registrations See 13% Decline After Stamp Duty Rebate Discontinuation
Kolkata property registrations declined by 13% year-on-year in July 2024 after the government decided to withdraw the 2% stamp duty benefits and change the circle rates.
Kolkata Property MarketStamp Duty RebateCircle RatesKnight Frank IndiaResidential PropertiesReal EstateAug 21, 2024
As many as 3506 apartments were registered in Kolkata Metropolitan Region in July 2024 compared to 4036 units last year. This is the first month after the state government decided to withdraw the incentives i.e. 2% stamp duty cut and 10% reduction in circle rate.
On a year-on-year (YoY) basis, July 2024 apartment registrations represent a 13% degrowth. On a month-on-month (MoM) basis, an 18% decline over June 2024 registrations was witnessed, according to an analysis by Knight Frank.
During the three-year period of phase-wise extension of the remission of stamp duty between July 2021 to June 2024, 143,864 residential properties were registered in the city.
500 - 1,000 sq ft apartments record highest share across all unit size categories. As compared to July 2023, the share of unit sizes up to 500 sq ft scaled up from 27% to 45% at the end of July 2024. Apartments ranging in size from 501 to 1,000 sq ft witnessed their share taper from 51% to 47% during the same period.
However, the share of unit sizes over 1000 sq ft reduced from 22% to 8% when compared between July 2023 and July 2024. Unlike the trends unfolding in other Indian cities, the registration of units sized above 1,000 sq ft has shrunk drastically in the past one year, particularly since February 2024. In July 2024 the top position in apartment registration tally was still held by North Zone, albeit with a moderate share of 34%. The South Zone follows closely with a 33% share in this month.
Frequently Asked Questions
What is the decline in Kolkata property registrations in July 2024?
Kolkata property registrations declined by 13% year-on-year in July 2024.
What is the reason for the decline in property registrations?
The decline is due to the withdrawal of the 2% stamp duty benefits and change in circle rates by the state government.
How many apartments were registered in Kolkata Metropolitan Region in July 2024?
As many as 3506 apartments were registered in Kolkata Metropolitan Region in July 2024.
What is the share of unit sizes up to 500 sq ft in July 2024?
The share of unit sizes up to 500 sq ft scaled up from 27% to 45% at the end of July 2024.
Who is the Senior Director East of Knight Frank India?
Abhijit Das is the Senior Director East of Knight Frank India.
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