Exploring Kolkata's Real Estate Renaissance: A 64% Surge in Property Registrations Unveiled in February 2024"
In February 2024, Kolkata's real estate market experienced a remarkable resurgence, with property registrations soaring by an impressive 64% compared to the previous year. This surge, fueled primarily by a resurgence in affordable housing sales, signifies a significant turnaround for the city's real estate landscape.
Data compiled from the state directorate of registrations & stamps revenue by Knight Frank India reveals a threefold increase in property registrations within the Kolkata Metropolitan Area, indicating a robust revival in home sales. The introduction of a 2% stamp duty cut since July 2021 has accelerated this growth, with registrations now occurring almost simultaneously with property sales.
Notably, the affordable housing segment has emerged as a key driver behind this exponential growth, with a substantial increase in registrations for units up to 500 sq ft. The statistics for February 2024 also shed light on significant shifts in micro-market registration tallies, indicating changing preferences among homebuyers.
Abhijit Das of Knight Frank India and Siddharth Pansari of Credai Bengal chapter express optimism about Kolkata's real estate sector, highlighting its resilience and vitality. With sustained demand for homes expected in the coming months, despite potential temporary disruptions due to elections, Kolkata reaffirms its position as a thriving real estate market poised for further expansion.
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