Kolkata residential apartment registration slumps 62pc in November

The residential apartment registrations in Kolkata saw a sharp decline of 62 per cent in November this year compared to the corresponding period 2020, a leading real estate consultancy firm said.

Some builders said that the registrations might have slowed down as the ready stock from the builders had depleted in the last year and now booking for under-construction properties is high.

However, in the 11 months of 2021, 40,972 apartments had been registered, leading to year-on-year growth of 79 per cent, Knight Frank India said.

More than half (51 per cent) of these units were registered between July and November this year coinciding with the introduction of the stamp duty cut since July 9, 2021.

The two per cent stamp duty rebate along with circle rate benefit has worked wonders for the Kolkata residential real estate sector in the second half of the year and provided momentum to the residential sales, the firm said.

But in November, the number of registration was 1,140 units down by 62 per cent over November 2020 when the number was 3,030, Knight Frank noted.

Real estate body CREDAI had said in the last few months there had been a price rise of 10 per cent and another 10-15 per cent is likely to happen in the next 12 months.

“Kolkata’s real estate market continues to benefit from the stamp duty cut window extension. Though the pace of residential property registrations slowed in November 2021, the sharp YoY rise since July 2021, is encouraging for both developers and buyers.

“We are hopeful that the next three months will see more deals being sealed in Kolkata’s residential segment as prices remain stable and the interest rates continue to be low,” Knight Frank CMD Shishir Baijal said.