THIRUVANANTHAPURAM: Kerala witnessed a boom in the realty sector in 2022 registering a 39.47% increase in the number of projects compared to the previous year. As per the data with the Kerala Real Estate Regulatory Authority, 159 new projects were registered with the (K-RERA) last year. The figure was 114 in 2021. Of this, 148 were residential projects. A total of 50 new villa projects were launched in the year.
Ernakulam district reported the highest number of new projects (80), followed by Thiruvananthapuram (72) and Thrissur (25). No new projects were registered in Kollam and Wayanad.
The total built-up area of the projects registered a whopping 97.59% jump in 2022, the data says. It was 16.36 lakh sqm in the year compared to 8.28 lakh sqm the previous year. The number of units rose to 12,018 from 5,933 in 2021. The total floor area of commercial projects was 44386.07 as against the previous year’s 19802.4 sqm, a 124% increase.
There were seven plot registrations, three shop/office space projects. As many as 159 real estate agents too registered with the K-RERA in 2022.
“The market is up. The increasing housing demand has boosted the confidence level of builders. K-RERA too played a role because people can confidently invest in projects. Consumers know that projects approved by the authority are safe and that they can approach the authority in case of violation by builders,” said P H Kurian, K-RERA chairman.
Projects adhering to K-RERA’s norms are a safe bet for customers. While registering a project with K-RERA, the promoter has to upload all details of the project on www.rera.kerala.gov.in They include audited balance sheet of the promoter, track record, records of land ownership, sanctioned plans and NOCs from authorities concerned. This facility allows customers to make informed choices. The quarterly updates by promoters helps customers in continuous monitoring.