Housing Sales in 2022 Hit 9-year High; Office Leasing Rises 36%; Check Top Cities

Real estate consultancy Knight Frank on Tuesday said housing sales rose 34% to a 9-year high and gross office leasing grew 36% during 2022 across eight major cities.

Knight Frank India released the 18th edition of a half-yearly report that tracks property markets of top eight cities. As per the data, Mumbai led residential sales in 2022 with 85,169 units, up 35% from the previous year.

Delhi-NCR saw a 67% growth in sales to 58,460 units, while Bengaluru witnessed a 40% rise to 53,363 units.

While housing sales rose 34% to 3,12,666 units in 2022 across eight major cities, the gross leasing of office space increased 36% to 51.6 million square feet.

Housing sales in Pune increased 17% to 43,410 units. Sales of residential properties in Hyderabad went up 28% to 31,046 units last year.

Chennai saw a 19% growth in sales to 14,248 units, while Ahmedabad witnessed an increase of 58% to 14,062 units. Kolkata was the only city that saw a decline of 10% to 12,909 units.

Knight Frank India said the office sector in India saw a strong recovery in demand despite geopolitical challenges.

In terms of the office space demand, Bengaluru led with 14.5 million square feet followed by NCR with 8.9 million square feet leased during the year 2022.

Knight Frank India CMD Shishir Baijal said housing sales have registered a growth in 2022, despite rise in prices and also an increase in interest rates on home loans. For the first time in over a decade we have seen simultaneous growth in all major real estate segments.

Office, residential, warehousing and retail, all registered significant increase in activities in 2022, he added.

“Factors like change in attitude towards home ownership, return to work and increased hiring and proliferation of e-commerce etc. backed by economic stability, allowed India’s real estate sector to benefit last year,” PTI quoted Baijal as saying.

He expressed confidence that this pace of growth is expected to largely remain in the new year owing to continued domestic economic growth.

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