Latest News | Apartment Registration in Kolkata Jumps 32pc in FY'23
Get latest articles and stories on Latest News at LatestLY. Residential apartments registration in Kolkata Metropolitan Area in 2022-23 rose by 32 per cent to 52,902 units compared to 40,008 units registered in FY'22, according to data collected by real estate consultancy firm Knight Frank India.
Kolkata, Apr 25 (PTI) Residential apartments registration in Kolkata Metropolitan Area in 2022-23 rose by 32 per cent to 52,902 units compared to 40,008 units registered in FY'22, according to data collected by real estate consultancy firm Knight Frank India.
Sequentially, there has been a 15 per cent increase in property registrations in March this year compared to February 2023, Knight Frank India said in a statement.
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This increase can be attributed to the growing awareness of the sixth extension of the stamp duty rebate among homebuyers.
Since the announcement of the initial stamp duty cut in July 2021, over 86,000 residential properties have been registered in Kolkata till March 2023.
However, this data pertains to transactions in both primary (new sale) and secondary (resale) markets for all residential apartments for all periods.
Overall, the real estate market in Kolkata is showing promising signs of growth, with an increase in property registrations and unit sales.
The stamp duty rebate has played a significant role in stimulating the market, and it will be interesting to see how this trend continues in the future.
"The continuation of the stamp duty rebate has enhanced Kolkata's real estate attractiveness amongst home buyers. The state government's steady support is continuing to create a positive sentiment towards home ownership.
“The city-based developers are actively looking at opportunities for augmenting the land bank and getting ready with a new pipeline of projects,” Knight Frank India senior director (East) Abhijit Das said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)