Kolkata: a surge in property sales and registrations, after SOP Twin announced for home buyers in the state budget this year, has been leading developer in Kolkata to expect sales to all-time record this year in the real estate sector, an industry that has seen a negative growth in the last three years , A total of 39 832 registrations completed property in Kolkata between January and October, slightly more than double the number (19 876) from the corresponding period last year.
With three months left SOPs to be followed, the industry is hopeful of good show “unprecedented.” Sales have been phenomenal since July, when the government announced a reduction of 2% in stamp duty and a 10% discount in the rate cycle for property registration, ” said Nandu Belani, president, Bengal chapter of the Confederation Association of Real Estate Development.
of India (credai).
“I believe it will now increase further in the next three months,” he added.
Between July and October, the Directorate of Registration and Revenue Stamp recorded 19 843 enrollment, enrollment rose from 9351 corresponding period last year.
Sources said they expect registration numbers to cross 50,000 in the next three months.
“Fiscal 2021-2022 will easily be the best that we have ever seen,” said Sanjay Jain, head of the group real estate.
“the enrollment figures until October is a mix of new units sold and houses and apartments in buy previously unregistered.
However, from November, will largely be driven by sales of new homes, because the customer is ready to utilize pieces of stamp duty, “he added.
Data on new home sales for the quarter September-September showed that sales during this quarter – 6861 – almost double that of 3921 units in the corresponding period last year.
Also, 125% over Q3 2019, in 6861, Shishir Baijal, chairman and managing director of a consulting firm of real estate, linking the buoyancy of the real estate market Kolkata directly onto pieces of stamp duty which was introduced in July .
“the demand for stimulants, such as that taken by the state government, has a manifold impact, not only in the residential real estate sector but also on the economy in general.
With momentum continuing in buying, we expect supply also choose a move, which leads to more jobs and greater prosperity, “he said.
Total enrollment site has occurred in the Kolkata North – 43% – followed by South Kolkata at 34%.
In the case the size of the unit, the apartment is more than 500-Ft witnessed 260% growth year-on-year.
In the category 1.000SQ 500SQ FT-FT, 2,275 registered units this October, up from 631 units last year.
In the apartment measuring more than 1,000 meters, 1,227 registered units in October, up from 341 units recorded in October 2020.
Sushil Mohta, President of Credai West Bengal, said the high demand not only leads to a reduction of inventory, but also an opportunity.
for developers to raise prices, without having passed to the buyer.
“The last few years is very challenging for the industry.
Recovery this year, catalyzed by the State Government SOP and assisted by home loan rates low and demand Pent-up, it is necessary for the industry to remain healthy and to encourage the growth of Bengal, “he said.
High sales have reduced inventory, which began to worry in between builders.
Many builders have shifted to cost-effective mode and cut salaries and jobs are now looking to hire workers again.
“salaries have long been restored.
Demand growth is also putting pressure on labor, and therefore there will be additional recruitment will happen on that front as well, “the president said Credai India HARSH Patodia.