Stamp duty and Circle rate relaxation has boded well with Kolkata as the city recorded significant sales volume in October 2022. The Kolkata Metropolitan Area expects the ongoing homebuying momentum to continue. Read on to know more about the city’s realty performance in October 2022.
Ongoing relaxations have led to an improvement in registrations across Kolkata. The city has witnessed highest property registrations this year in October 2022, and the second-highest since the relaxations were announced in July 2021. In contrast to September 2021 and October 2021, property registrations in October 2022 plummeted by 17 % and 45 %, respectively.
The State government announced a rebate of 2 % on stamp duty and 10 % on the circle rates in July 2021. Courtesy of a positive reception from the masses and about 25 % surge in revenue from July 2021 to March 2022, the State first extended the scheme till September 30, 2022, and then announced a further three-month extension till December 31, 2022. The Kolkata Metropolitan Area has registered nearly 70,000 residential properties so far within the duration of the announced incentive.
October 2022 saw a registration of over 6,500 residential properties in Kolkata. Maximum share at almost 45 % accounted for properties in the range of 500-1,000 sq ft. While units of over 1,000 sq ft captured a little over 30 % share, the properties less than 500 sq ft made up the remaining share.
By LNN (Liyaans News Network)