Kolkata Property Registrations Take a Hit After Stamp Duty Rebate Discontinuation
Kolkata real estate market sees 13% year-on-year decline in property registrations in July 2024
Kolkata Property MarketReal EstateStamp DutyCircle RatesKnight FrankReal Estate NewsAug 21, 2024
This decline is attributed to the withdrawal of incentives, including the 2% stamp duty cut and 10% reduction in circle rate, which were in place for three years. The real estate market in Kolkata had seen a surge in registrations during this period, with 143,864 residential properties being registered in the city.
The data also reveals that apartments ranging in size from 500-1000 sq ft recorded the highest share across all unit size categories, accounting for 47% of the total registrations in July 2024. However, the share of unit sizes over 1000 sq ft reduced significantly from 22% to 8% when compared between July 2023 and July 2024.
The North Zone held the top position in apartment registration tally, with a moderate share of 34%, followed closely by the South Zone with a 33% share. The East zone's share remained stable at 11% in July 2024, while Rajarhat's share remained steady at 10-11% between both periods.
Frequently Asked Questions
What was the decline in property registrations in Kolkata in July 2024?
13% year-on-year decline
What was the reason for the decline in property registrations in Kolkata?
Withdrawal of 2% stamp duty benefits and change in circle rates
How many apartments were registered in the Kolkata Metropolitan Region in July 2024?
3506
What was the share of unit sizes over 1000 sq ft in July 2024?
8%
Which zone held the top position in apartment registration tally in July 2024?
North Zone
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