In November 2023, Kolkata's real estate market experienced a notable upswing with 3,656 apartments registered, marking a substantial 20% year-on-year growth compared to the same period in 2022. This positive momentum is attributed to the current stamp duty rebate, incentivizing apartment registrations. Despite an 18% month-on-month decline from October 2023, the cumulative registrations for the year stand at an impressive 39,123 units in Kolkata Metropolitan Area (KMA). The stability in RBI policy rates, consistent home loan rates, and positive macro-economic sentiment are contributing factors, with ongoing new project launches expected to sustain the upward trend in the coming year.
In a recent analysis, Knight Frank, India's premier real estate consultancy, unveiled a promising trajectory for Kolkata's real estate market. November 2023 witnessed a noteworthy surge, with 3,656 apartments registered, marking a substantial 20% YoY growth compared to the same period in 2022. This positive momentum is largely attributed to the current stamp duty rebate, which continues to incentivise apartment registrations.
While celebrating the annual success, the month-on-month data reveals an 18% decline from October 2023, mostly attributed to base effect. Despite this short-term dip, the cumulative registrations for the year stand impressively at 39,123 units in Kolkata Metropolitan Area (KMA). The data encapsulates both primary (fresh sale) and secondary (re-sale) markets, providing a comprehensive overview of residential apartment dynamics.
Abhijit Das, Senior Director – East, Knight Frank India, has remarked that the stability in RBI policy rates, ensuring consistent home loan rates, along with a positive shift in India’s macro-economic sentiment, is contributing to the robustness in Kolkata’s residential sales. He also pointed out that the ongoing new project launches will play a significant role in sustaining this upward trend, suggesting a prospective growth trajectory in the upcoming year.
Breaking down unit sizes, apartments ranging from 501 to 1,000 sq ft constituted 51% of November 2023 registrations, almost the same as last year's figures. In contrast, the share of unit sizes over 1,000 sq ft moderated to 23%, while units below 500 sq ft experienced a marginal uptick to 26% by the end of November 2023.
The micro-market dynamics reveal the North Zone's prominence, claiming a 37% share in Kolkata’s total apartment registrations in November 2023. Surpassing its second-highest position a year ago, this zone's consistent growth over the past year has propelled it to the top rank in total property registrations. Meanwhile, the South Zone secured the second-highest position with a 33% share, a shift from its 42% lead in November 2022.
Rajarhat's emergence is evident, capturing a 9% share in November 2023, compared to a modest 3% in the same month of the previous year. The West Zone maintained a stable 7% share during both periods, while the East and Central zones exhibited a steady performance.
As Kolkata's real estate landscape adapts, these insights project resilience and positive growth, setting the stage for an optimistic outlook in the coming year.
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