Compact properties are a rage in Kolkata! Bookings see massive jump

Kolkata property registrations: Kolkata Metropolitan Region (KMR) witnessed a notable uptick in property registrations during March 2024. With 3,936 apartments registered, the region experienced a 17 per cent year-on-year (YoY) growth, according to a report by Knight Frank.

According to data from the Directorate of Registrations and Stamps Revenue, Govt of West Bengal, and Knight Frank India, the total number of residential sales deeds registered in the Kolkata Metropolitan Area exhibited notable fluctuations from July 2021 to March 2024.

Small is the new big

The share of units under 500 sq ft increased from 24 per cent in March 2023 to 45 per cent by March 2024. Apartments sized between 501 to 1,000 sq ft constituted for 48 per cent of the total registrations in March 2024, down from 52 per cent a year earlier. Notably, units exceeding 1000 sq ft decreased from 25 per cent to 7 per cent during the same period.  

The South Zone emerged as the frontrunner, capturing a substantial 44 per cent share of the total registrations. However, this marks a slight decline from the previous year's 46 per cent. The North Zone followed closely behind, witnessing a notable increase from 25 per cent to 30 per cent in its share of registrations compared to March 2023.

Kolkata's property registration swings

In July 2021, there were 2,998 registered deeds, marking a 39 per cent YoY increase and a staggering 111 per cent MoM surge. This growth trend continued into August 2021 with 7,316 deeds, showing a 268 per cent YoY rise and 144 per cent MoM increase.

However, September 2021 witnessed a dip to 4,846 deeds, reflecting a 79 per cent YoY uptick but a concerning 34 per cent MoM decline. This fluctuating pattern persisted throughout the period, with various months experiencing fluctuations in both directions.

For instance, November 2021 saw a sharp decline to 1,140 deeds, representing a 62 per cent YoY decrease and a substantial 76 per cent MoM drop. Conversely, there were periods of recovery and resurgence, such as December 2021, which saw 3,968 deeds—a 10 per cent YoY decline but a whopping 248 per cent MoM increase.

Call for affordable housing solutions

Abhijit Das, Senior Director, East, Knight Frank India, stressed the importance of addressing the demand for affordable housing options in Kolkata. He stressed the need for stakeholders to focus on creating large land parcels that are both affordable and well-connected.

“Considering that the registration data continues to ratify that a substantially large majority of apartments sold in Kolkata are below 1000sft, it is hence worthwhile for all the stakeholder to figure out how to create large land parcels which are affordable, connected & supported by social infrastructure. These land parcels can then be developed into efficient yet affordable Apartment Projects for consumers,” he said.