Housing sales rose 34% to a 9-year high and gross office leasing grew 36% during 2022 across eight major cities, a report by Knight Frank revealed.
Sales of residential properties in Hyderabad increased by 28% to 31,046 units last year, while Bengaluru saw a 40% rise to 53,363 units. As per the data by real estate consultants Knight Frank, Mumbai led residential sales in 2022 with 85,169 units, up 35% from the previous year, while Delhi-NCR saw a 67% growth in sales to 58,460 units. Housing sales in Pune increased 17% to 43,410 units, and Chennai saw a 19% growth in sales to 14,248 units. 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 among the top eight cities.
With the economy gradually opening up post the COVID-19 pandemic, housing sales rose 34% to a 9-year high and gross office leasing grew 36% during 2022 across eight major cities, the report stated. Housing sales rose 34% to 3,12,666 units in 2022 across eight major cities, while the gross leasing of office space increased 36% to 51.6 million square feet.
Knight Frank India released the 18th edition of a half-yearly report that tracks property markets of the top eight cities in India, in a virtual press conference. Knight Frank India noted that the office sector in India witnessed a strong recovery in demand despite geopolitical challenges.
As far as office space demand is concerned, Bengaluru led with 14.5 million square feet followed by NCR with 8.9 million square feet leased during 2022.
Knight Frank India CMD Shishir Baijal stated that housing sales have recorded a growth in 2022, despite rise in prices and also an increase in interest rates on home loans.
"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," Baijal said.
Baijal added that India will have to remain cautious of the global geopolitical and economic challenges as that can cast a shadow on the country’s pace of growth.
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