Kolkata Real Estate had the highest number of apartments registered in Oct 2023

By Bricksnwall | 2023-11-25

October had the highest number of apartments registered by Kolkata Real Estate in 2023, according to a report.

The real estate consulting firm Knight Frank has released an analysis stating that since the start of the calendar year 2023, 35,467 units have been registered in the Kolkata Metropolitan Area (KMA). In October 2023, 4,441 flats were registered, a little increase of 2% from the previous month. October now holds the record for the most property registrations in 2023, surpassing even September's records.

YoY Reduction

This represents a 35% drop year over year (YoY) from October 2022. The base effect from the prior year, which saw notable rise in registrations owing to strong consumer mood boosted by the retention of the stamp duty rebate, is responsible for the YoY fall.

In the upcoming months, Kolkata's residential real estate market may continue to show signs of strength thanks to the extension of the stamp duty rebate that was announced prior to Diwali and the Reserve Bank of India's (RBI) recent decision to maintain the repo rate steady for the fourth time this fiscal year.

The information includes residential flat transactions in the primary (new sale) and secondary (resale) markets for all time periods.

The size of a flat

Apartments between 501 and 1,000 square feet made up 53% of all registrations in October 2023, a significant rise from the 44% registered during the same time the year prior. In October 2022 and October 2023, the percentage of units with smaller sizes?up to 500 square feet?stayed constant at 24%. Over the previous 12 months, the proportion of flats in this size range has not changed. Over 1,000 square foot units made up 23 percent of all registrations. The share of this unit size category has decreased from 32% to 23% over the last 12 months as compared to October 2022.

Domains

With 39% of all flat registrations in Kolkata in October 2023, the South Zone topped the micro market registration list. The South Zone ranked second overall in October 2022, accounting for 29% of all registrations one year prior. Over the last year, this zone's proportion of all property registrations has increased to occupy the top rank.