The latest real estate report has shown that over 1 lakh apartments have registered under Kolkata Metropolitan Area due to stamp duty rebate. It is one of the biggest opportunities for real estate property buyers.
However, stamp rebates were first introduced 2 years ago(2021) which plays an important role in the sale of residential property in the city of joy.
This blog will discuss how stamp duty rebates enhance the purchase rate of real estate property such as 3 ⁄ 4 BHK apartment or luxurious duplex property in Kolkata.
Over One Lakh Homes Registered in Kolkata
According to real estate expert, after the pandemic, stamp duty rebates ensured the rise of residential property sale as well as commercial property in metropolitan cities. It encourages homebuyers to buy new property in this time of period, as a result over a lakh homes registered in Kolkata the past two years.
Between July and September 2021, there were 15,160 residential sales deeds registered in KMA, showing a substantial 122% increase compared to the same period in 2020. In the next year, July, August, and September experienced year-on-year growth rates of 39%, 268%, and 80% respectively.
The boost in residential sales deeds was primarily driven by a reduction in stamp duty that was in effect for only 22 days in July. The most significant surge in registrations occurred in August 2021, that means 48% of the total for the entire quarter. However, this upward trend tapered off in September 2021, largely due to the onset of the inauspicious Shradh period lasting 11 days starting on September 20th, 2021.
On this note, Swapan Dutta (Senior Branch Director, Kolkata, Knight Frank India) said,
“Government’s step to provide a demand stimulant at the opportune time. Much like most other cities, the sales momentum had seen a significant drop in the early part of the pandemic, therefore, this stimulant was critical to give the market the growth. We expect this move will further propel fence-sitters to make their purchase decisions,”
The Latest Report Of 2023
From the source of government data, since the introduction of the incentive scheme 26 months ago, a total of 102,743 apartments have been registered in the KMA (Kolkata Metropolitan Area). These incentives, which are set to continue until the end of this month, include a 2% reduction in stamp duty and a 10% decrease in the circle rate.
However, there has been a recent downturn in the real estate market, with a consecutive three-month increase in volume from May to July 2023 which is followed by an 11% month-on-month decrease in August 2023. Furthermore, on a year-on-year basis(YoY), August 2023 has seen a significant 42% decline compared to August 2022. In August 2023, the number of registered apartments stood at 3,605.
It’s important to note that this data covers transactions in both the primary market (new sales) and the secondary market (resale) for residential apartments throughout all time periods. The top three locations for home registrations in August are Thakurpukur, Sonarpur, and Rajarhat. Apartments ranging in size from 500 to 1,000 square feet make up nearly half of all registrations.
Final Words
In the ongoing year, the south zone in Kolkata dominated the micro real estate market. It can be said that the south and east part of Kolkata are the prime locations where homebuyers are looking for real estate properties in 2023.
In contrast to 2022 and 2023, overall homes registered in Kolkata have increased 40%. It is a positive sign of the real estate business. It encourages developers to launch new properties. We are looking forward to seeing the development in real estate investment and the market.
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