Kolkata property registrations soar to 5-year high in February

Kolkata's Record February: Kolkata has achieved its highest February property registration figures in five years, according to data released by Knight Frank India. report indicates a surge in registrations, with over 4,800 apartments registered during month, marking a 64 per cent year-on-year (YoY) growth compared to February 2023.

Despite shorter working days in February, Kolkata Metropolitan Region witnessed a 306 per cent month-on-month (MoM) growth, bouncing back from a slowdown experienced during Pausha period in January 2024.

A notable highlight of report is 165 per cent YoY growth in home registrations for properties sized less than 500 sq ft. This surge reflects a growing demand for compact living spaces in city.

Shift in property size preferences

report also highlights shift in property size preferences amongst homebuyers. share of unit sizes up to 500 sq ft saw a substantial increase from 27 per cent in February 2023 to 43 per cent in February 2024. Conversely, share of unit sizes over 1000 sq ft decreased from 23 per cent to 9 per cent during same period, indicating a growing preference for smaller living spaces.

Micro-market analysis

report also provides insights into micro-market dynamics, with North Zone emerging as leer in apartment registrations, capturing a 43 per cent share of Kolkata's total registrations in February 2024. This represents a substantial increase from its previous position a year ago when it held a 21 per cent share. surge in North Zone's market share can be attributed to availability of affordable housing options, catering to price-sensitive homebuyers.

Meanwhile, South Zone secured second-highest position with a 33 per cent share, albeit experiencing a slight decline from its previous 41 per cent share. Rajarhat maintained a stable 6 per cent share over past year, while Central, East, and West zones witnessed a moderation in ir market shares.

Abhijit Das, Senior Director-East at Knight Frank India, stressed city's economic buoyancy and dynamic shift in homebuyers' preferences reflected in property registration figures. He highlighted robust demand for compact living spaces and reiterated Kolkata's position as a thriving real estate market.