The number of registered apartments in the Kolkata Metropolitan Area (KMA) has increased significantly after the West Bengal government announced a reduction in stamp duty. All stakeholders including landlords, developers and the government are expected to further benefit from the stamp duty exemption extension of an additional six months, which was proposed in the recent state budget.
Over 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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According to data from Knight Frank India, in January 2023, KMA recorded 4,178 home sale agreements, a record high compared to the first month in the last four years. The highest number of registrations (47%) were for units between 47 and 92 square meters (501–1,000 sq ft). 29% of the registrations in January 2023 were for large units with square footage of more than 1001 sq ft.
Homebuyers in West Bengal are eligible for 2% stamp duty exemption. The reduction in stamp duty was again extended in the recent state budget. The extension of 2% stamp duty exemption in India will boost consumer confidence and aid future sales volumes.
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Northern region topped the micromarket ranking with the highest registration of flats in January 2023 at 36%. In this micro-market, the number of sales actions registered grew by 72% year-on-year.
While Rajarhat’s share increased from 7% of all apartment registrations in January 2022 to 9% in the current month, the KMA’s South region registered the second highest share of 34% in registrations in January.
questions to ask
Q1 What is the full form of KMA?
The full form of Kolkata Metropolitan Area KMA is
Q2 Who is the Mayor of Kolkata Metropolitan Region?
Firhad Hakim is the Mayor of Kolkata Metropolitan Region.