Kolkata’s property market has witnessed a remarkable surge in February, reaching its highest registration figures in five years, as revealed by data from Knight Frank India. The report highlights a significant increase in apartment registrations, indicating a thriving real estate sector amidst changing buyer trends.
February Surge: A Snapshot
In a remarkable turnaround, Kolkata recorded over 4,800 apartment registrations in February, marking a staggering 64% year-on-year growth compared to the same period in 2023. This surge comes despite the shorter working days in February, indicating robust activity and heightened demand within the market.
Shift Towards Compact Living
A notable trend identified in the report is the growing preference for smaller living spaces. Registrations for properties sized less than 500 sq ft witnessed a remarkable 165% year-on-year growth, showcasing a clear shift in homebuyer preferences towards more compact and efficient living arrangements.
Micro-Market Dynamics
Delving deeper into micro-market dynamics, the report highlights the North Zone as the leader in apartment registrations, capturing an impressive 43% share of Kolkata’s total registrations in February 2024. This surge is attributed to the availability of affordable housing options, appealing to price-sensitive buyers.
Meanwhile, the South Zone secured the second-highest position with a 33% share, albeit experiencing a slight decline from the previous year. Rajarhat maintained a stable market share, while other zones witnessed varying degrees of moderation.
Expert Insights
Abhijit Das, Senior Director-East at Knight Frank India, emphasized Kolkata’s economic resilience and the dynamic shift in homebuyer preferences reflected in the property registration figures. He underscored the robust demand for compact living spaces and reiterated Kolkata’s status as a thriving real estate market.
