Image Source : FREEPIK Apartment registrations jump in Kolkata after government announced stamp duty cuts
The number of apartments registered has significantly increased in the Kolkata Metropolitan Area (KMA) after the West Bengal government announced a reduction in stamp duty. All parties, including homeowners, developers, and the government, are expected to further benefit from the additional six-month stamp duty rebate extension , which was proposed in the recent state budget.
More than 80,000 residential properties have been registered in the city between July 2021 and January 2023 since the initial announcement of the stamp duty drop in July 2021.
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In January 2023, the KMA registered 4,178 home sale agreements, which was a record high when compared to the first month of the previous four years, according to Knight Frank India statistics. There were most registrations (47%) for units between 47 and 92 square metres (501-1000 sq ft). 29% of registrations in January 2023 were for larger units with a square footage of more than 1001 square feet.
Homebuyers in West Bengal are eligible for a 2% stamp duty discount. The stamp duty reduction was again extended in the most recent state budget. The extension of the 2% stamp duty rebate in India will increase consumer confidence and aid in future sales volume.
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The North Zone took the top spot in the micromarket rankings in January 2023 with the highest 36% registration of flats. In this micro market, the number of sale deeds registered increased by 72% year over year.
While Rajarhat had its share increase from 7% of all apartment registrations in January 2022 to 9% in the current month, the South Zone of the KMA registered the second-highest share of 34% in the registrations in January.
FAQs
Q1 What is the full form of KMA?
Kolkata Metropolitan Area is the full form of KMA
Q2 Who is the mayor of Kolkata Metropolitan Area ?
Firhad Hakim is the mayor of Kolkata Metropolitan Area.
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