Residential sales document registration of 6,238 was noted in the Kolkata Metropolitan Area (KMA) in August 2022, a 15% year-on-year (YoY) decrease over August 2021, mentioned Knight Frank.
August 2021 saw the highest number of residential sales agreements being registered in KMA since the inception of the stamp duty window in July 2021.
Despite the annual decline, August 2022 becomes the month witnessing the third highest sales registration documents since the inception of the stamp duty window in July 2021. The stamp duty cut was initially proposed in mid-July 2021, post which, the market sentiment towards home ownership continued to improve.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “The robust homebuying spree witnessed since the introduction of the stamp duty cut continued in August 2022, albeit at a reduced pace when compared to same period last year. Nevertheless, August 2022 noted the third highest total of residential sales documents registered in the Kolkata Metropolitan Area. A further extension of the stamp duty rebate beyond September 2022 would incentivize buyers to close property transactions and would continue to benefit the exchequer.”
Since the stamp duty cut announcement, 57,136 residential properties have been registered in KMA. The numbers capture all residential sales documents registered with flat/apartment sizes mentioned, the registration data comprised of transactions in both the primary and secondary markets.
In line with past trends, North Zone and South Zone continued to be the best performing zones in August 2022.Both these zones comprised more than 70% of properties registered in August 2022. The share of North Zone expanded from 29% of the total in August 2021 to 40% in August 2022 as far-off peripherals in this region gained traction fromhomebuyers. The South Zone’s share largely remained similar to August 2021, at 32% in the August 2022 period.