Bengaluru's residential real estate market saw an 8% year-over-year decline in the July-September 2024 quarter. Housing unit sales value fell 15% to ₹15,739 crore, down from ₹18,505 crore in the same period last year.
Residential registrations in Bengaluru dropped 8% year-over-year during the July-September 2024 quarter, totaling 25,259 units, according to data from proptech platform Square Yards.
Consequently, the average home sales value in Bengaluru decreased by 7% annually, with the current average home price standing at ₹62 lakh.
Yogesh, Principal Partner at Houseliv Realty , noted that Bengaluru's residential market has experienced "a modest moderation in transaction momentum" in the July-September 2024 quarter, describing it as a "natural adjustment following a period of rapid growth."
Looking ahead, market is poised for continued demand growth, driven by "resilient end-user and investor appetite," particularly during the upcoming festive season, when heightened homebuyer interest is expected to manifest in increased registrations.
The analysis showed that the majority (86%) of property transactions in Bengaluru were concentrated in the sub-₹1 crore price range. Apartments sized 1,000-1,500 square feet accounted for the largest share of registrations at 47%, reflecting a continued preference for larger living spaces, likely influenced by the adoption of hybrid work models in the IT/ITes sectors.
North Bengaluru remained the most active micro-market, accounting for 40% of total registrations, driven by increased demand, particularly for plots, due to the area's proximity to Kempegowda International Airport. South Bengaluru followed closely with a 25% share, led by strong performance in Jayanagar and Electronic City.
In terms of market leadership, Embassy Group recorded the highest home sales value at ₹295 crore, driven by strong performance of its projects Embassy Springs and Embassy Lake Terraces. Prestige Group also made a notable contribution, with Prestige Golfshire leading its project portfolio. Artha Property and Tata Realty led in terms of transaction volume, with Artha Emprasa Startup City and Tata Realty's New Haven recording the highest number of registrations.
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