Bengaluru, Karnataka, September 6, 2024 – Bengaluru’s residential real estate market is witnessing robust growth, with significant increases in both sales value and transaction volume, according to a recent report by Square Yards. The data highlights a 30% sequential increase in the value of registered home sales, which reached ₹19,631 crores in the June quarter. This surge follows a 19% rise in the number of transactions, totaling 28,356 units during the same period.
The quarterly report reveals a notable shift towards premium properties, contributing to the increased average registered sales value, which stands at ₹0.69 crore—up 9% from the previous quarter. This trend underscores the market’s resilience and expanding appeal of high-value residential properties.
Market Leaders and Trends
Prestige Group emerged as the leading developer with the highest number of transactions, recording 255 units sold. Following closely, Godrej Properties secured 126 transactions. The Embassy Group topped the list for home sales value, amassing ₹391 crores, largely driven by their Embassy Springs project in Devanahalli. This indicates a strong demand for plotted developments in amenity-rich gated communities.
Top Developers by Transactions and Sales Value
In terms of transaction volume, the top developers for the April-June 2024 period are:
- Prestige Group – 255 transactions
- Godrej Properties – 126 transactions
- Sattva Group – 113 transactions
- Embassy Group – 108 transactions
- Provident Housing – 107 transactions
For home sales value, the leaders are:
- Embassy Group – ₹391 crores
- Prestige Group – ₹264 crores
- Godrej Properties – ₹88 crores
Micro Market Performance
North Bengaluru continues to lead the market, contributing 35% of the total transactions. Areas like Sadahalli and Devanahalli are notable hotspots, with Sadahalli recording the highest sales value and Devanahalli leading in transaction volume. South Bengaluru follows with a 30% share, where localities such as Electronic City and Jayanagar have shown strong performance.
Budget and Area-wise Trends
A significant 62% of transactions were for properties priced below ₹50 lakhs, while 23% were in the ₹50 lakhs to ₹1 crore range. Homes sized between 1,000 and 1,500 sq. ft. are in high demand, reflecting a preference for larger living spaces post-pandemic.
Outlook
Sopan Gupta, Principal Partner at Square Yards, highlighted the continued upward trajectory of Bengaluru’s residential market despite challenges like flooding and water shortages. He noted the resilience of homebuyer demand, supported by a strong IT sector and evolving work models. Gupta expressed optimism about the market’s future, driven by anticipated infrastructure upgrades and new IT parks that are expected to bolster both commercial and residential demand.
With ongoing developments and infrastructure improvements, Bengaluru’s residential real estate market is poised for sustained growth, with branded developers and quality projects set to lead the way.
