The swell in enrollment of homes fuelled by stamp duty cut hit a bump in November following a 62 decline against the corresponding month last time. In the April-November period, enrollments of homes have increased by a whopping 95 from in 2020 to in 2021.
Developers and realty consultants attributed the November decline to multiple factors: registration rush to meet the October 30 incentive deadline before it was extended by three months, lack of awareness among a section of prospective home buyers that the incentive is still available and narrowing of choices with depleting inventory and absence of new project launches.
“Since the incentive period was to end in October, home buyers have queued up till late in the evening throughout October to get the homes registered. Consequently, there is a lull in November. Also, enough projects have not been launched to excite the market.
“ Kolkata’s real estate request continues to profit from the stamp duty cut window extension. Though the pace of residential property enrollments did slow down in November 2021, the sharp Y-o-Y rise since July 2021, is encouraging for both developers and buyers going forward. We're hopeful that the coming three months will see more deals being sealed in Kolkata’s residential member as prices remain stable and the interest rates continue to be low. This is an opportune time for buyers to execute transactions before there's any upward modification in prices by developers as stamp duty cut window has been extended till January 31, 2022,”
By LNN (Liyaans News Network)