Key Highlights
- Knight Frank India stated Indian real estate market hit bumper sales in 2022
- Mumbai fetched the top rank in the Indian commercial real estate market
- INR 100 crore sales record crossed in Mumbai and Delhi
- Total of 63 deals between INR 50 to INR 100 crores in Mumbai, Delhi, Bengaluru and Pune
In the last month of 2022, i.e. In December, the Indian real estate market took a bumper hit and recorded more than a decade’s sales target. Knight Frank India reported that the current real estate market in India had seen a major upsurge in the last month of 2022, creating a buzz in the coming new year. The year 2022 marked epic registrations in annual property sales, crossing the decade’s target.
A total of 1.21 lakh residential properties were registered for sale in Mumbai city alone, pushing the residential real estate market in India to cross older targets. Approximately the state exchequer of INR 8887 Crore was earned as revenue from registrations and stamp duty cumulatively. Agrawal Holdings Private Limited took the badge of scoring highest in terms of accumulating a property worth INR 333 Crores in Juhu, amongst others in overall Mumbai.
As per the Department of Registration and Stamps, Government of Maharashtra, a total of 12,5645 conveyance deeds were recorded, making Maharashtra top in recording almost INR 2526 Crore revenue via stamp duty fees. Majorly two kinds of sales hit the target, one more than INR 100 Crore and others between INR 50 Crores and INR 100 Crores. Mumbai and Delhi scored in the first category of Indian real estate prices. And the second category accommodated Mumbai, Delhi, Bengaluru and Pune.
Most of these properties are covered under the residential real estate market in India, other than some under the Indian commercial real estate market. The current real estate market in India is hooted up by covering mainly niche key areas like Vasant Vihar in Delhi, Jubilee Hills in Hyderabad, Worli in Mumbai, Koramangala in Bengaluru and Koregaon Park in Pune. And according to Indian real estate industry analysis, some top-notch actors, business tycoons and entrepreneurs have their accommodations spread across these areas. India’s total real estate market saw a looming high-tide in increased sales over the last decade and is hoping to continue to see another bonanza in the coming 2023.
