Kolkata, July 20 (PTI) Apartment registrations in Kolkata saw a 13 per cent year-on-year (YoY) growth in June this year, according to the Knight Frank report released on Thursday.

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The registration of 3,437 units in the city during the month is also the highest number of apartment registrations for the same month in the past four years, the real estate consultancy firm said.

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The increase in flat registrations in the city is being driven by renewed optimism among homebuyers as well as the ongoing stamp duty rebate announced by the West Bengal government in July 2021, it said.

In June, 2022 the number of registrations was 3,044 units, the report said.

The increase in flat registrations in the city is being driven by renewed optimism among homebuyers as well as the ongoing stamp duty rebate announced by the West Bengal government in July 2021, it said.

"Kolkata is one of the major markets in India that has continued its stamp duty benefits to buyers across segments. This has led to strong buyer sentiments even in the primary sales market of Kolkata," Knight Frank India senior director (East) Abhijit Das said.

Stability in interest rates and the stamp duty rebate will continue to fuel demand, especially in the affordability and mid-segment properties, he said.

In terms of unit size, apartments ranging from 501 to 1,000 square feet (sq ft) constitute 42 per cent of the total registrations, while smaller units up to 500 sq ft account for 36 per cent, Das added.

In terms of micro-markets, the city's south zone dominated with an impressive 57 per cent share of apartment registrations. Thakurpukur, Bishnupur and Jadavpur areas saw the highest number of registrations within this zone.

The city's central zone saw a significant increase in its share of registration, accounting for six per cent of the total volume in June 2023 compared to a mere two per cent in June 2022. Hare Street, Shakespeare Sarani and Amherst Street were the top locations for apartment registrations in the area.

The city's north zone, however, showed a reverse trend registering just 16 per cent registrations compared to the highest share of 52 per cent a year ago. The figure for the city's east zone too was 16 per cent, the report said.

The overall residential real estate market in Kolkata is expected to remain stable in the coming months with support by strong demand from end users, it added.

(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)