The Kolkata Metropolitan Region has witnessed a 5 year high in property registrations in February 2024, with over 4,800 properties registered, according to global property consultant Knight Frank India.
Following a decline in property registrations in January 2024 due to the Pausha period, a buoyant uptrend was seen in February 2024, marking a 306% month-on-month (MoM) growth.
On an annual basis, this represents a strong 64 % year-on-year (YoY) growth, it said.
Despite lesser working days in February, a total of 4,806 apartments were registered this month.
The data includes transactions in both primary (fresh sale) and secondary (resale) markets for residential apartments.
Knight Frank analysis says demand for compact properties has increased while the share of larger-sized units shrank.
“The share of unit sizes up to 500 sq ft scaled up from 27 per cent in February 2023 to 43 per cent at the end of February 2024. The share of unit sizes over 1000 sq ft shrunk from 23 per cent to 9 per cent during the same period. Apartments ranging from 501 to 1,000 sq ft constituted 48 per cent of the total registrations in February 2024,” the consultant said.
Abhijit Das, Senior Director- East, Knight Frank India, said, “As Kolkata marks its best February property registrations since 2020, the remarkable 64 per cent YoY growth from February 2023 underscores the city’s resilience and vitality in the real estate sector.
Particularly noteworthy is the extraordinary 165 per cent YoY surge in home registrations for properties sized less than 500 sq ft, reflecting a robust demand for compact living spaces.”
