Kolkata Records 17% Surge In Property Registrations, South Zone Leads Real Estate Market: Report

The share of units under 500 sq ft in Kolkata increased from 24% in March 2023 to 45% by March 2024, according to recent data. In March 2024, the South Zone led the city’s apartment registration tally with a 44% share, down from 46% the previous year.

The Kolkata Metropolitan Region reported registrations of 3,936 apartments in March 2024, marking a 17% year-on-year growth. This data includes transactions in both primary and secondary markets for residential apartments.

Real estate consultancy Knight Frank highlighted the importance of making the stamp duty rebate extension a permanent feature of the Kolkata market to boost residential sales momentum. The trend shows that apartments under 500 sq ft are gaining popularity, while those between 501 to 1,000 sq ft constituted 48% of total registrations in March 2024, down from 52% the year before.

Units exceeding 1000 sq ft saw a decrease from 25% to 7% during the same period. The South Zone and North Zone were popular choices for buyers due to affordable options dominating the residential market. The West and East zones saw marginal increases, while the Central Zone’s share remained unchanged.

Abhijit Das, senior director at Knight Frank India, emphasized the need to create large land parcels that are affordable, connected, and supported by social infrastructure to develop efficient yet affordable apartment projects for consumers.

The article was written by Namit Singh Sengar, a Senior Sub Editor specializing in personal finance, economy, and brands for News18.com.