Kolkata residential property market has continue growth momentum

Kolkata residential property market has continue growth momentum

Kolkata property market has continue its growth momentum as homebuyers to acquire parcels on the reverse of record-low interest rates and offer from reality inventors. Property enrollments in Greater Kolkata in the 12 months of 2021 stood at units, recording a growth of 64 compared to the former time, with 56 of these units were registered since the preface of the stamp duty cut in July 2021.

November 2021 due to carnivals, there has been a significant recovery in housing enrollments as per December 2021 statistics. December 2021 recorded a 248 month-on-month growth in the number of domestic deals deeds registered. Whilst there's still a 10 YoY decline compared to December 2020, there has been substantial growth on month-on-month base.

The stamp duty cut extension has acted as a catalyst for sale closures. “ The mammoth 248 MoM growth over the former month came largely because extension about the stamp duty cut window came extensively known amongst homebuyers. With one further month to go before the stamp duty cut window expires. While we anticipate the enrollments to remain healthy for January 2022, as it's the last month to mileage reduction on stamp duty, the possible mobility restrictions due to rising Omicron contagion cases will be a factor impacting the property enrollment exertion in the first month of the new time. With the enrollment services functional and the extension of the stamp duty cut window to 31st January 2022 known to prospective homebuyers, the buoyancy is back in the market. Further, record-low home loan rates, abatements and stamp duty reductions, enrollment of mid and luxury residential property deals in Kolkata has continued to expand at a rapid pace.

In terms of unit sizes, apartments up to 500 sq ft) witnessed 62% YoY degrowth in December 2021. Unit sizes of 501 s q ft to 1,000 sq ft and above registered 67% and 73% YoY growth, respectively.

By LNN (Liyaans News Network)