Embassy and Prestige Groups Top Sales Value, Artha Property and Tata Realty Lead in Transaction Volume
Bengaluru’s residential real estate market saw a slight dip in both transaction volume and value during the July-September 2024 quarter, with a total of 25,259 residential units registered, amounting to a transaction value of Rs. 15,739 crore. While there was a year-on-year decline of 8% in transaction volume and a 15% decrease in the overall sales value compared to Q3 2023, demand remains strong, with North Bengaluru emerging as the leading region in terms of sales activity.
Market Overview for Q3 2024
According to data from Square Yards, the July-September 2024 quarter recorded a modest slowdown in Bengaluru’s residential real estate sector after a period of rapid growth. The total transaction value of Rs. 15,739 crore reflects a 15% year-on-year drop from Rs. 18,505 crore in the same quarter of 2023, while the average price per home decreased by 7% to Rs. 62 lakh.
- Residential Transactions: 25,259 units registered, an 8% drop YoY
- Transaction Value: Rs. 15,739 crore, down 15% YoY
- Average Home Price: Rs. 62 lakh, down 7% YoY
While the overall market showed signs of moderation, Sopan Gupta, Principal Partner at Square Yards, emphasized that demand remains robust, particularly in the northern micro-market, with increased interest in both apartments and plots. He expects continued growth in the coming quarters, supported by ongoing infrastructure developments such as metro expansion and increased office space uptake from global tech firms.
Leading Developers and Key Projects
In terms of sales value, Embassy Group led the market with Rs. 295 crore in sales, driven by their projects Embassy Springs (a residential plotted development in Devanahalli) and Embassy Lake Terraces (an apartment project in Hebbal). Close behind in sales value was Prestige Group, with Prestige Golfshire leading their portfolio for the quarter.
In terms of transaction volume, Artha Property and Tata Realty were the top performers. Artha’s Emprasa Startup City in Hoskote recorded the highest number of transactions, followed closely by Tata’s New Haven project. Other developers like Birla Estates and Godrej Properties also made significant contributions to the market.
Top Developers by Home Sales Value (Q3 2024):
- Embassy Group – Rs. 295 crore (Embassy Springs Plots)
- Prestige Group – Rs. 120 crore (Prestige Golfshire)
- Birla Estates – Rs. 83 crore (Birla Alokya)
- The Phoenix Mills – Rs. 57 crore (Phoenix One)
- Tata Realty – Rs. 53 crore (Tata New Haven)
Top Developers by Residential Transactions (Q3 2024):
- Artha Property – 100 units (Artha Emprasa Startup City)
- Tata Realty – 98 units (Tata New Haven)
- Godrej Properties – 96 units (Godrej Royale Woods)
- Prestige Group – 94 units (Prestige Marigold)
- Embassy Group – 81 units (Embassy Springs Plots)
Area & Budget Trends
In the July-September 2024 period, the majority of Bengaluru’s residential transactions (86%) were in the sub-Rs. 1 crore price range. This indicates continued demand for affordable and mid-segment housing. Notably, apartments between 1,000 and 1,500 sq. ft. accounted for 47% of all transactions, signaling an ongoing preference for spacious homes, likely driven by hybrid work models in the IT sector.
Transaction Distribution by Area (Q3 2024):
- 1,000-1,500 sq. ft.: 47% of total transactions
- 500-1,000 sq. ft.: 18%
- 1,500-3,000 sq. ft.: 18%
- Below 500 sq. ft.: 3%
Transaction Distribution by Budget:
- Below Rs. 50 lakh: 68%
- Rs. 50 lakh-1 crore: 18%
- Rs. 1-2 crore: 8%
- Above Rs. 3 crore: 3%
Micro-Market Performance
North Bengaluru remained the dominant micro-market, accounting for 40% of all residential transactions. The area’s proximity to the Kempegowda International Airport, combined with growing demand for plots, particularly in areas like Chikkasanne and Chikkasandra, has driven activity. South Bengaluru came second with 25% of the market share, with prominent localities like Jayanagar and Electronic City standing out. Jayanagar also recorded the highest home sales value in the city at Rs. 469 crore.
Micro-Market Breakdown (Q3 2024):
- North Bengaluru: Rs. 5,826 crore (10,000 units)
- South Bengaluru: Rs. 3,539 crore (6,323 units)
- Central Bengaluru: Rs. 2,595 crore (1,927 units) – Highest average sales value of Rs. 1.35 crore
- East Bengaluru: Rs. 1,999 crore (3,003 units)
- West Bengaluru: Rs. 1,781 crore (4,006 units) – Most affordable micro-market with average sales of Rs. 44 lakh
Outlook
While Bengaluru’s residential market saw a slight correction in Q3 2024 following a period of strong growth, the city’s real estate sector remains buoyant due to strong end-user demand, favorable macroeconomic conditions, and infrastructure advancements. With the metro expansion, new tech parks, and improved office space uptake, the residential market is expected to continue its positive trajectory in the coming quarters, supported by both domestic and investor demand.
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