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. The report indicates a surge in registrations, with over 4,800 apartments registered during the month, marking a 64 per cent year-on-year (YoY) growth compared to February 2023.Despite the 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 the Pausha period in January 2024.A notable highlight of the report is the 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 the city.Shift in property size preferencesThe report also highlights the shift in property size preferences amongst homebuyers. The 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, the share of unit sizes over 1000 sq ft decreased from 23 per cent to 9 per cent during the same period, indicating a growing preference for smaller living spaces.Micro-market analysisThe report also provides insights into micro-market dynamics, with the North Zone emerging as the leader 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. The surge in North Zone's market share can be attributed to the availability of affordable housing options, catering to price-sensitive homebuyers.Meanwhile, the South Zone secured the 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 the past year, while the Central, East, and West zones witnessed a moderation in their market shares.Abhijit Das, Senior Director-East at Knight Frank India, stressed the city's economic buoyancy and the dynamic shift in homebuyers' preferences reflected in the property registration figures. He highlighted the robust demand for compact living spaces and reiterated Kolkata's position as a thriving real estate market.

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Kolkata property registrations soar to 5-year high in February

Kolkata saw a 64% year-on-year increase in apartment registrations with over 4,800 units registered in the month, compared to February 2023.

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