The real estate market saw a great year in 2022. With the effects of the pandemic receding, real estate saw a great year in terms of growth. Knowledge about the need for more space, sustainable homes, spaces with unique amenities, and more was the highlight of the sector for this year. Not only that, we saw a huge increase in the sale of commercial properties and office spaces due to the return of the onsite or work-from-office model post-pandemic. With 2022 observing a host of trends in the realty sector, as we conclude the year, let’s understand the trends that made the top headlines in the property market.
Apartments With Lucrative Amenities Surge in Demand
People are now looking for homes that redefine spaces. Residences that are more like a community, where conveniences are available at the drop of a hat. Top builders in Thane and Mumbai, and other suburbs of Mumbai are now thoughtfully crafting projects that go synonyms with homebuyers’ needs and requirements. Home buyers now want to invest in apartments that offer a perfect balance of community amenities that are urban but out of the box. Mumbai is the hub of some of the most top-rated real estate and similarly, home buyers now make sure an apartment ticks off every amenity checkbox before investing into it.
Commercial Real Estate Becomes The Preferable Investment Choice
According to reports from property consultancy JLL India, leasing of office spaces rose to 38.25 msf (square feet) this year from 26.25 msf (square feet) in 2021. The sale of property in the office market made a significant jump in 2022 post the effects of the pandemic and surpassed the 2019 figures. With the on-site and hybrid model making a comeback, the industry has witnessed a sharp rise in purchasing office spaces. As the return-to-work movement gained traction across all industries, record-high completions and previous pre-commitments were honored by the majority of occupiers, pushing up office occupancies and continuing to support net absorption numbers for 2022.
Sale of Residential Properties in Mumbai Saw A Spike In 2022
According to city-specific data, Mumbai had the highest sales of approximately 109,700 units in 2022, followed by the National Capital Region at 63,700 units, and the two cities led the residential markets yet again. 2022 has been a spectacular year for residential real estate despite all challenges. Housing sales in the top seven cities surpassed 2014 highs, while new launches remained limited, Adds ANAROCK Group. Meanwhile, new unit launches in these cities increased by 51% year on year, from 236,700 in 2021 to nearly 357,600 in 2022. Mumbai saw the newest launches in 2022, accounting for nearly 54 percent of the total.
Property Registration Saw A Rise In 2022
In Mumbai, property registration increased by 9% year on year to 1.22 lakh units in the year 2022. According to a Knight Frank India report, this is the highest in the last decade due to increased demand. During 2022, the number of properties registered in Mumbai city (BMC area) was 1,21,850. According to data compiled by real estate consultant Knight Frank India, 1,11,913 units were registered during the same period last year. In 2022, residential properties accounted for 86% of all property registrations. The data covers transactions in both the primary (new sales) and secondary (resale) markets for all types of properties, including residential, commercial, and industrial.
These positive trends have been nothing but a great year for real estate and its growth after the massive shift the pandemic had brought in the market for 2 consecutive years. Mumbai’s top residential locations like Vikhroli, Kurla, and Thane have observed a surge in property sales because credible names are bringing in properties that are lucrative, convenient, and modern.
Puneet Urban Spaces- top builders in Thane are launching new projects in Mumbai that are set to offer the best of residential realty to homebuyers. New projects in Kurla namely, Puneet Prime and Puneet Kalpavriksha, and Puneet Shivalaya, Puneet Amarjyoti & Puneet Brahmand in Vikhroli are some of the ongoing projects launched by Puneet Urban Spaces.