Bengaluru's residential real estate sales decreased somewhat during the July-September 2024 quarter, with a total of 25,259 residential units, comprising flats and plots, registered with the Inspector General of Registration. According to Square Yards data, the sales value for these properties was Rs.15,739 crore, a 15% year-on-year reduction from the same time in 2023.
Key market insights
The number of residential units sold in Bengaluru decreased by 8% between July and September compared to the previous year. The average home sales value fell to Rs 62 lakh, a 7% decrease from the previous year. However, this fall is usually regarded as a natural adjustment following a period of significant increase in previous months.Bengaluru's residential real estate sales decreased somewhat during the July-September 2024 quarter, with a total of 25,259 residential units, comprising flats and plots, registered with the Inspector General of Registration. According to Square Yards data, the sales value for these properties was Rs.15,739 crore, a 15% year-on-year reduction from the same time in 2023.
Sopan Gupta, Principal Partner of Square Yards, stated that "Bengaluru's residential market has seen a slight moderation in transaction momentum in the July-September 2024 quarter." This adjustment comes after a period of strong expansion, but as we approach the holiday season, we expect demand to increase once more, driven by both end-users and investors. The city's residential market will continue to benefit from ongoing infrastructure development, including as the expansion of the metro network, as well as increased office space demand.
In the July-September 2024 quarter, the vast majority (86%) of property purchases in Bengaluru were priced below Rs 1 crore. The remaining trades totaled Rs 1 crore or more, with 8% falling between Rs 1-2 crore.
Leading Developers and Key Projects
Embassy Group and Prestige Group were the best performers in terms of home sales value. Embassy Group led the pack with Rs 295 crore in sales, owing to successful projects such as Embassy Springs in Devanahalli and Embassy Lake Terraces in Hebbal. Prestige Group followed closely, with Prestige Golfshire achieving considerable sales value in the quarter.
In terms of transaction volume, Artha Property and Tata Realty led the way, with Artha Emprasa Startup City in Hoskote seeing the most sales. Tata Realty's Tata New Haven came closely behind. Birla Estates, Godrej Properties, and Casagrand were among important developers, with each contributing considerable volumes and values in the quarter.
South Bengaluru also experienced high transaction volume, with Jayanagar and Electronic City standing out. Notably, Jayanagar achieved the highest home sales value in the city at Rs 469 crore, while Krishnarajapuram topped in transaction volume, selling 192 units during the quarter.
As purchaser interest remains high, developers are focused on larger, more spacious apartments, fueled by the city's growing mixed work models. As the holiday season approaches, there is hope that the market will rebound, with new registrations and more sales projected in the following months.
