Sunday, Apr 28 2024 | Time 15:17 Hrs(IST)
image
Business EconomyPosted at: Mar 12 2024 1:12PM


Kolkata achieves 5-yr high for Feb in property registration

Kolkata, Mar 12 (UNI) Kolkata Metropolitan Region reported that altogether
4,806 apartments were registered in February, 24, despite fewer working days, according to Knight Frank of India.
After a slowdown in property registrations in January 2024 due to the
Pausha (Bangla month)period, a buoyant uptrend was witnessed
in February marking a 306 percent month-on-month (MoM) growth. On an
annual basis, this represents a strong 64 pc year-on-year (YoY)
growth.
While the stamp duty rebate extension continues to influence the
apartment registrations positively, it would benefit the city’s real
estate sector if it were made a permanent feature of the market to keep the homebuying
sentiment upbeat, the report said.
The data encompasses transactions in both primary (fresh sale) and
secondary (re-sale) markets for residential apartments throughout all
periods quoting the Directorate of Registrations and Stamps Revenue, West Bengal.
*Includes apartment sales documents registered with flat/apartment
sizes captured at the time of registration of the property
" The volume of property registrations in February 2024 also depicts
sequential surge in property registrations in the past three years,"
the data said.
The share of unit sizes up to 500 sq ft scaled up from 27 pc in
February 2023 to 43 pc at the end of February 2024. Apartments ranging
from 501 to 1,000 sq ft constituted 48 pc of the total registrations in February 2024. The
share of this apartment size category moderated marginally from
February 2023 when it constituted 50 pc of the total. Notably, the share of unit sizes over 1000 sq ft
shrunk from 23 pc to 9 pc during the same period.
“As Kolkata marks its best February property registrations since 2020,
the remarkable 64 pc YoY growth from February 2023 underscores the
city's resilience and vitality in the real estate sector. Particularly
noteworthy is the extraordinary 165 pc YoY surge in home registrations
for properties sized less than 500 sq ft, reflecting a robust demand
for compact living spaces. These impressive figures not only highlight
the city's economic buoyancy but also signal a dynamic shift in the
preferences of homebuyers, reaffirming Kolkata's position as a
thriving real estate market.” senior director, east, Abhijit Das said.
UNI PC KK GNK
Please log in to get detailed story.
Tags: #Kolkata achieves 5-yr high for Feb in property registration
More News
IDFC First Bank Q4 net profit plunges 10 pc to Rs 724 crore

IDFC First Bank Q4 net profit plunges 10 pc to Rs 724 crore

27 Apr 2024 | 11:11 PM

New Delhi, April 27 (UNI) IDFC FIRST Bank on Saturday reported 9.83% year-on-year decline in net profit for January-March quarter (Q4) of financial year 2023-24.

see more..

ICICI Bank profit in Q4 jumps 17 pc to Rs 10,707 crore

27 Apr 2024 | 9:11 PM

New Delhi, April 27 (UNI) Private lender ICICI Bank on Saturday reported 17.38% year-on-year jump in standalone net profit at Rs 10,707.53 crore for January-March quarter (Q4) of the financial year 2023-24.

see more..

Kottayam-Kochi Rubber Market Rates

27 Apr 2024 | 4:26 PM

Kottayam, April 27 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..

Horizon Industrial Parks announces ground-breaking of its 2nd logistics park in Pune

27 Apr 2024 | 1:50 PM

Pune, April 27 (UNI) Horizon Industrial Parks, a portfolio of Grade A logistics parks in India owned by Blackstone Real Estate funds, has announced the groundbreaking of its second logistics park in Pune, Chakan.

see more..
Rupee falls 2 paise against USD

Rupee falls 2 paise against USD

26 Apr 2024 | 5:28 PM

Mumbai, April 26 (UNI) The Rupee on Friday eased 2 paise to close at 83.35 against the USD on rising demand for US Dollar by bankers and importers, dealers at the Foreign exchange said.

see more..
image