After Covid-induced economic slowdown dampened the business for a few months, the real estate sector in Kerala has really bounced back with Kerala registration department making a record revenue of Rs 4,711.75 crore so far in 2022-23 fiscal.
As per the latest revenue figures released by Kerala government, while the department had set a target of Rs 4,524.24 crore for the year, it has already received a revenue of Rs 4,711.75 crore. The data shows that Ernakulam district is the highest revenue earner with Rs 1,069 crore followed by Thiruvananthapuram district with Rs 629.96 crore.
Officials said the department has made an additional revenue of Rs 279.87 crore so far this fiscal and hopes to achieve a revenue target of Rs 5,000 crore by the end of this financial year. Last fiscal, the department garnered a revenue of Rs 4,431.88 crore.
“Even data with Kerala’s Real Estate Regulatory Authority (Rera) shows positive signs of a boom in the real estate sector after the slowdown. There has been a 50 per cent growth in the registration of new projects in 2022 compared to 2021. More projects are being announced and people are investing in real estate projects. In Kerala, real estate is still the most preferred investment option for people,” said a major builder in Kerala.