Kolkata Property Registrations Surge by 50% in August 2024 Despite End of Govt Incentives

Kolkata’s property market saw a strong comeback in August 2024, with 5,410 apartments registered in the Kolkata Metropolitan Region—the highest number in two years. This surge happened despite the state government withdrawing a 2% stamp duty cut and a 10% reduction in circle rates just two months earlier.

According to real estate firm Knight Frank, property registrations jumped 50% compared to August 2023 and were 54% higher than July 2024. This includes both new sales and re-sales.

Why the spike?

After a 13% drop in July due to the end of the stamp duty rebate, buyers returned to the market, showing renewed confidence. There was also a 45% rise in demand for smaller apartments up to 500 sq ft.

Although property sales were slow between 2022 and 2023, the market is now bouncing back. Smaller units (up to 500 sq ft) have become more popular, rising from 27% to 45% of total sales, while larger apartments over 1,000 sq ft have declined sharply, from 25% to just 7%.

In terms of area, South and North Kolkata led the way with 35% of total registrations each, while East Kolkata and Rajarhat maintained a steady 10% and 6%-8%, respectively.