Home sales in Kolkata jump 62%in 2021: Report

The residential market in the Kolkata witnessed a 62 percent growth year-on-year (YoY) in 2021 with 14,405 housing units sold during the year, according to a report released on Thursday. New launches also saw a whopping rise of 81 percent year-on-year with the addition of 7,510 units in the last calendar year, Knight Frank India said in its second half-yearly study of 2021.

The spectacular growth in sales during the year was largely due to a strong performance in the second half, and as a result, 2021 recorded the highest sales in the primary residential market in the past five years. "Around 64 percent of the total primary market sales of 2021 in Kolkata was achieved in H2 (July-December) alone, as two percent government rebate on stamp duty for property registrations played a crucial role in the rejuvenation of the residential market," the report said.

South and North remained the most favoured micro-markets accounting for 36 percent and 27 percent of H2 2021 sales respectively. The share of ticket size of less than Rs 50 lakh continued to lead sales volume of 64 percent of the total market share during the second half of the year, it said. The home and office realty market in the city has shown "resilience" despite COVID-19 challenges during the year, the report said. The total office transactions in 2021 stood at 0.8 mn sq ft. New completions in the year for office space was recorded at 0.6 mn sq ft.