Kolkata Metropolitan Area (KMA) reported 4,347 apartment registrations in September 2023, a 25 percent YoY decline. However, there have been 31,026 registrations since the beginning of 2023. In September, 14 percent of the year's registrations occurred, marking a 21 percent increase from August. The drop in YoY registrations is attributed to a base effect, as the previous year saw a surge due to strong consumer sentiment and stamp duty rebates. The extension of stamp duty reduction by the West Bengal government is expected to maintain a positive trend in property purchases and registrations.
The KMA experienced a noticeable shift in its property landscape during September 2023, registering 4,347 apartment transactions. This figure represents a 25 percent decline compared to the previous year. Over the course of the entire calendar year, 31,026 apartments were registered in KMA, according to a comprehensive report by Knight Frank. Breaking down the year's figures, it is interesting to note that a noteworthy 14 percent of the total registrations for the year took place during the month of September, marking a significant 21 percent upswing from the preceding month of August.
Within this shifting landscape, the North Zone emerged as a frontrunner, accounting for 37 percent of Kolkata's total apartment registrations during September 2023. Although this represents a modest reduction from its 46 percent share during the same period in the previous year, the North Zone continued to lead the way in terms of registrations. Concurrently, the South Zone has seen its share rise from 20 percent in September 2022 to a significant 34 percent of total registrations in September 2023. In this context, the shares of the Rajarhat Central and West Zones remained relatively stable.
Delving deeper into the specifics of these transactions, it's evident that apartments ranging from 501 to 1,000 square feet accounted for 56 percent of total registrations in September 2023, reflecting a noticeable increase from the 46 percent share in the same period last year. Interestingly, smaller units sized up to 500 square feet have experienced a decline, shrinking from 24 percent in September 2022 to 17 percent in September 2023. This trend persists despite a pause in the repo rate, signalling a shifting preference among property buyers.
On the other end of the spectrum, units sized above 1,000 square feet constituted a 27 percent share of the total registrations in September 2023. In comparison, this unit size category held a 30 percent share during September 2022, as highlighted in the report. This shift underscores the dynamic nature of the property market in Kolkata and the evolving preferences of real estate buyers.
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