Bengaluru Real Estate Market Sees Unparalleled Growth with Record Sales
Bengaluru's residential real estate market is booming, with a record sale of 18,550 units in the last financial quarter, driven by the city's thriving IT sector and infrastructure upgrades.
Real EstateBengaluruIt SectorInfrastructureProperty MarketReal Estate PuneJul 25, 2024
The report also highlighted that new launches in the city increased by almost 45 per cent, with 16,537 units being launched during the same period. This growth can be attributed to the sustained demand for property in Bengaluru, which is supported by the booming IT sector, infrastructure upgradation programmes, and a conducive business environment.
Rahul Arora, senior managing director (Karnataka & Kerala), JLL India, stated that several national and regional developers are being attracted to the city, resulting in healthy launches every quarter. He also pointed out that Whitefield contributed 47 per cent of the new launches, followed closely by Hosur Road and Bellary Road.
The upper-mid segment apartments, priced between Rs 1 crore and Rs 3 crore, held a dominant 62 per cent share in the last financial quarter. According to Arora, Whitefield continues to hold its dominant position driven by its office sector expansion and recent extension of the Namma Metro.
Samantak Das, chief economist and head of research and REIS, India, JLL, added that around 25 per cent of Bengaluru's sales were contributed by projects launched during the first six months of the year, signalling strong buyer confidence in such developments. The city's unsold inventory too registered a perceptible dip.
JLL Research is a leading real estate research firm that provides in-depth analysis and insights into the real estate market. JLL is a leading professional services firm that specializes in real estate and investment management.
Frequently Asked Questions
What is the current state of Bengaluru's real estate market?
Bengaluru's real estate market is booming, with a record sale of 18,550 units in the last financial quarter.
What is driving the growth of Bengaluru's real estate market?
The growth of Bengaluru's real estate market is driven by the city's thriving IT sector, infrastructure upgrades, and a conducive business environment.
Which area in Bengaluru has seen the most new launches?
Whitefield has contributed 47 per cent of the new launches, followed closely by Hosur Road and Bellary Road.
What is the dominant segment in Bengaluru's real estate market?
The upper-mid segment apartments, priced between Rs 1 crore and Rs 3 crore, held a dominant 62 per cent share in the last financial quarter.
What does the future hold for Bengaluru's real estate market?
The city's real estate market is expected to continue growing, driven by strong buyer confidence and a decline in unsold inventory.
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