Indian real estate recovers in all major industries in 2022!
For the first time in ten years, all three segments of the Indian real estate market residential, office, and retail saw growth in 2022. The difficulty of working from home and hybrid workplace options was addressed in 2022 when apartment sales reached their greatest level in over a decade and office occupancy recorded its second-best year. More than 3,120 properties were sold in eight of the biggest housing markets in the nation, a 34% yearly increase. According to Knight Frank India, the number of newly built homes grew by 41% after 3.28 lakh units were added.
With 6 million square meters, a 36% year-over-year rise, Bangalore and the National Capital Region are second and third in the real estate market in terms of house sales, respectively. Office space completions increased by 28% to reach 49.4 million square feet. Bangalore has the highest demand for office space, accounting for 14.5 million m2. In 2022, activity in offices, residences, warehouses, and retail all increased significantly. The Indian real estate market has benefited from the last year due to factors including shifting attitudes about house ownership, a return to work, employment growth, and the rise of e-commerce, all underpinned by economic stability, according to Shishir Baijal, CMD, Knight Frank. India’s economy grew steadily during the year.
Geopolitical issues and the state of the world economy, nevertheless, must be taken into consideration since they may have an impact on India’s pace of economic growth. ‘ India. In terms of 12 months’ changes in housing prices, Mumbai, NCR, Bangalore, and Pune had a rise of 7.5 channels across the year. While Kolkata and Ahmedabad showed a 4% increase, Chennai and Hyderabad experienced a huge 6% increase. The better investment cycle will be reflected in the “new property adoption funnel” to fulfill increasing tenant demand. Despite ongoing inflation, high borrowing rates, and the labor force, house prices will climb by 5-7% in 2023.
The minor price increase is a sign of a stronger market, but the impact was minimal since supply and demand were balanced out, maintaining stable market dynamics.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
