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Kolkata: some 3,047 Residential Sale agreements were filed in November 2022, a 167% increase over the 1,140 registrations filed in November 2021. However, the count was 55% less than what was recorded in October 2022.
With the incentive of a 2% reduction in stamp duty till the end of this month, the challenge will be to maintain the sales momentum thereafter. Since the initial announcement of stamp duty reduction in July 2021, 72,790 residential properties have been registered in the city in these 17 months.
The 17 months prior to the introduction of the exemption saw the registration of only 44,736 units. This included the Covid period and the lockdown in 2020 when realty transactions came down for three months.
real estate consultancy firm knight frank india CMD Shishir Baijal said, “Kolkata is one of the few Indian cities where home buyers still enjoy stamp duty exemption. While the privilege is set to expire, we expect the state to consider another extension now that homebuyers’ affordability has come down due to multiple repo rate revisions in 2022.
Experts attributed the higher annual growth in November to limited property registrations last year because of lack of awareness about the extension of stamp duty exemption beyond October 31, 2021, a year ago. 
The South and North zones achieved the highest percentage among various micro-markets with a share of 42% and 32% respectively for apartments registered in their localities.
The company’s Senior Director (E) Abhijit Das felt that there is a need to invest in manufacturing and services that generate additional employment.
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