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The upward momentum in Bengaluru’s residential market is pushed by shift in direction of premium properties. (Representative picture)
Bengaluru’s residential market continues to show regular progress as registered transactions preserve upward momentum each sequentially and yearly, says Square Yards in a press release.
A complete of 28,356 transactions had been recorded in Bengaluru through the second quarter of 2024, marking a 19 per cent leap over the earlier quarter, in accordance with information from actual property portal Square Yards. The information confirmed that the worth of registered gross sales surged at a fair sooner price of 30 per cent through the interval, reaching Rs 19,631 crore by the tip of the June 2024 quarter.
“Bengaluru’s residential market continues to display steady growth as registered transactions maintain upward momentum both sequentially and annually,” Square Yards stated in a press release.
Sopan Gupta, principal companion at Square Yards, stated Bengaluru’s residential market stays northbound, persevering with its upward trajectory with double-digit sequential progress within the June quarter. Despite challenges similar to flooding and water shortages, homebuyer demand stays notably resilient, underpinned by a strengthening IT sector and the mix of full-time and hybrid working fashions.
“Our data highlights that while the East and Southern suburbs retain their appeal, Northern suburbs are rapidly emerging as key areas of interest for both apartments and plots. Branded developers, particularly those delivering quality projects, are witnessing successful launches with swift offtake. Given the on-going trends, we are optimistic that the residential market will maintain its upward trajectory. Homebuyer sentiment is expected to strengthen further, driven by the much-needed infrastructure upgrades and the development of IT parks across the city. These factors are likely to attract more working professionals, reinforcing both commercial and residential demand in Bengaluru,” Gupta added.
According to the Square Yards information, the upward momentum in Bengaluru’s residential market is pushed by shift in direction of premium properties resulting in a rise within the common registered gross sales worth, reaching Rs 0.69 crore — a 9 per cent rise in comparison with the earlier quarter.
Market Leaders and Key Projects
Prestige Group maintained its lead within the Bengaluru residential market, recording the very best variety of transactions with 255 models bought. According to their Q1 FY2025 report, the developer has 12 upcoming initiatives spanning a developable space of ~28 million sq. ft. within the metropolis. Close behind was Godrej Properties, with 126 transactions, each builders seeing the vast majority of gross sales in North Bengaluru through the April-June 2024 interval, in accordance with Square Yards.
In phrases of dwelling gross sales worth, Embassy Group and Prestige Group led the market, accounting for Rs. 391 crore and Rs. 264 crore, respectively, within the June quarter. Embassy Group’s Embassy Springs mission in Devanahalli, a plotted residential improvement, amassed the very best transaction worth. This highlights the sustained demand for plotted developments, significantly these designed as amenity-rich gated communities in Bengaluru.
