Home sales in Kolkata shoot up on the back of stamp duty discount

19 Aug 2022 , 08:27 AM

6,709 house sale documents were registered in Greater Kolkata in July 2022, up 124% from the same month last year. The hurry to take advantage of the lower stamp duty before the rebate window closes is the cause of this strong annual growth.

After the initial proposal of the stamp duty reduction in mid-July 2021, the market’s attitude toward homeownership continued to strengthen. After August 2021, July 2022 has the second-highest volume of sales registrations. Additionally, a remarkable 120% increase in the properties registered in June 2022 was seen in July 2022 when compared month to month.

Many homebuyers are finishing their property purchases and registrations, in order to take advantage of a low stamp duty levy before any future increases in house loan rates as the third extension of the stamp duty decrease rebate, is scheduled to draw near the end of September 2022.

According to Knight Frank, in July 2022, residences between 47 and 92 square metres (501 and 1,000 square feet) accounted for 49% of all registrations. More than 93 sqm (more than 1,001 sq ft) in size represented 25% of the total market. A 26% portion of the total was made up of smaller units measuring up to 46 sqm (500 sq ft).