Kolkata Real Estate Sector Hits New Heights with Record-Breaking Property Registrations

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    “Kolkata Real Estate Sector Hits New Heights with Record-Breaking Property Registrations in February

    The real estate market in Kolkata has experienced a significant boom, setting a new record for property registrations in February, the highest in the past five years, according to Knight Frank India. The data shows a surge in apartment registrations, signaling a robust and evolving market that’s responding to changing consumer preferences.

    February’s Remarkable Growth

    February saw Kolkata’s real estate market reach over 4,800 apartment registrations, an impressive increase of 64% year-over-year from 2023. This growth is noteworthy, especially considering the month’s fewer working days, and highlights a strong demand driving the market forward.

    Trend Towards Smaller Homes

    The Knight Frank report points out a significant shift in buyer trends, with a substantial rise in registrations for apartments under 500 sq ft. This 165% year-over-year growth demonstrates a clear preference for smaller, more efficient living spaces among homebuyers.

    Micro-Market Insights

    The report provides an in-depth look at the performance of various micro-markets within Kolkata. The North Zone led the charge in apartment registrations, claiming a 43% share of the total registrations in February 2024. Its popularity is largely due to the affordable housing options that cater to budget-conscious buyers.

    On the other hand, the South Zone, while securing a 33% market share, saw a slight decline from the previous year. Rajarhat’s market share remained consistent, with other areas experiencing different levels of activity.

    Industry Perspectives

    Knight Frank India’s Senior Director-East, Abhijit Das, highlighted the resilience of Kolkata’s economy and the significant changes in consumer behavior evident from the latest property registration data. He pointed out the strong demand for smaller homes and confirmed Kolkata’s dynamic and growing real estate market.

    Also read: Dwarka Expressway Inauguration: A Catalyst for Gurugram’s Real Estate Boom

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