Bengaluru’s real estate market experienced a significant surge in Q2 FY 2024-25, with 25,259 residential units registered between July and September, according to Square Yards data. The sales volume remained robust, totalling ₹15,739 crores, despite a 15% decline from ₹18,505 crores during the same period last year. Notably, the average home price in the city dropped by 7% year-over-year, reaching ₹62 lakhs, a clear indication of the evolving market dynamics across apartments and plots.
Recent reports underscore the prevalence of affordability in Bengaluru’s property market, with approximately 86% of transactions in the July-September quarter falling below ₹1 crore. In contrast, only 8% of buyers chose properties in the ₹1-2 crore range, with a smaller fraction in the premium ₹2 crore and above category. These figures highlight the city’s strong demand for mid-segment and affordable housing, which will likely continue.
Apartment units between 1,000 and 1,500 sq. ft have emerged as the market leaders, accounting for 47% of the 25,259 registrations. This trend reflects a growing preference for larger homes, driven by the hybrid work model in Bangaluru’s IT/ITes sectors. Post-pandemic, this shift has sparked renewed interest in real estate investments as people prioritise spacious living environments, a trend likely to gain momentum.
Sopan Gupta, Principal Partner at Square Yards, shared an optimistic outlook: “During the festive season, we’ve seen heightened homebuyer interest, and as registrations normally complete within three to six months post-booking, we expect this directive to show in the upcoming quarters. Interest remains strong across apartments and plots, with the northern micro-market gaining particular traction.”
Read more through the links below to uncover the key trends and market leaders driving this growth:
ET NOW- https://bit.ly/3CxhK1L
Hindustan Times – https://bit.ly/3ANaD4I
Deccan Herald – https://bit.ly/3APLYMT
ThePrint – https://bit.ly/4hWWanF
Lokmat – https://bit.ly/3Oca8nJ
Asian News International (ANI) – https://bit.ly/4hTcuFF
Published Date: 13 Nov, 2024
