The market of Residential property so far this year witnessed rapid growth. According to a report by Knight Frank India, in the first half (H-4) in 8 major cities around 1,58,705houses were sold. When it is compared to 2024 in Tier-I cities in the first half of 2021 only 99,416 houses were sold. This accounts that sales growing by 60% which is the highest in the past 9 years. The year 2022 is predicted to be the fastest sales growth year for the real estate sector. Meanwhile, house prices have also gone up by 6%.
Strong Growth Of 60 Percent In The Sale Of Houses On An Annual Basis Between January-June
1.58 Lakh Houses Sold In The First Half, The Highest 9-year Record
So far this year, the residential property market has seen a boom. According to a report by Knight Frank India, 1,58,705 houses were sold in eight major cities in the first half (H-1). In comparison, 99,416 houses were sold in these cities in the first half of 2021. Accordingly, sales grew by 60%, which is the fastest sales growth in 9 years. Meanwhile, house prices have also gone up by 6%.
According to the report released on Wednesday, between January-June, the sale of houses in Delhi-NCR that is Delhi and its adjoining cities like Noida, Gurugram, and Ghaziabad increased the most by 154%. During this period, the sales of office space in 8 major cities also increased by 107% to the level of 253 million sq. ft.
Now the economic condition of the country will decide the movement of the residential property market The interest rate cycle changed in the first half. This affected the capacity of the customers. A lot will depend on the performance of the economy for the rest of the year as this will directly affect the income and demand of home buyers. - Shishir Baijal, Chairman-MD, Knight Frank IndiaRental income of retail malls is expected to grow by 30 percent this year The rental income of mall developers is expected to grow by 30% annually in FY 2022-23. According to rating agency ICRA, rental income in this segment can also grow 4-6% above the record level of 2019-20.
The national housing market is seeing unprecedented growth. In the March quarter of the previous year, more than 70.000 residences were sold. When compared to the March quarter of the previous year, this is about 40% higher, with revenues increasing by approximately 13%. The biggest growth is being seen in the luxury house sector, where sales are at a four-year high. According to statistics from the American real estate investment firm CBRE Group, affordable housing sales surged by 27% over the previous quarter. High-end house sales grew by 23 percent in the most recent quarter, compared to a 16 percent gain in the previous quarter.
Agrawal Construction Co. has the same goal for the urban landscape as building Quality Projects. We are a major real estate developer in Central India. We are dedicated to developing residential developments that exemplify sustainable dwellings as well as unmatched infrastructure. Our expertise as a builder in the real estate sector extends more than 30 years, yet we remain at the forefront of new changes in the business and adapt to them. We are creating SAGE Green City, SAGE Sun City, SAGE Golden Springs, and SAGE Green Hills Projects in our new phase of construction, which are equipped with smart technology and state-of-the-art facilities and are environmentally integrated. In our other projects, we are developing grand commercial spaces such as Sagar High Street and SAGE Milestone which is a mixed-use architecture. These projects aim at making the city of lakes a hub for real estate investment and this will contribute to the real estate development in the various cities as well as national growth. These improvements to residential spaces assist you in selecting a house that has a great blend of modernism and tranquillity in harmony with the surroundings.