Bengaluru's Booming Real Estate Market: A Hub of Opportunity
Bengaluru's residential real estate market has seen a surge in sales, with a record 18,550 units sold last quarter, driven by sustained demand and infrastructure development.
Real Estate MarketBengaluruIt HubResidential PropertyJll IndiaReal Estate NewsJul 25, 2024
The report highlights that new launches in the city increased by almost 45 per cent, with 16,537 units. This surge in new launches can be attributed to the growing demand for property in Bengaluru, which is supported by the booming IT sector. Several national and regional developers are being attracted to the city, resulting in healthy launches every quarter.
According to Rahul Arora, senior managing director (Karnataka & Kerala), JLL India, 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.
Whitefield's dominance can be attributed to its office sector expansion and recent extension of the Namma Metro. The corridor connecting Whitefield to Kempegowda International Airport through Budigere Cross has attracted several reputed developers who have announced projects largely within a ticket price range of Rs 1 crore and Rs 3 crore.
Interestingly, 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. Moreover, the city's unsold inventory too registered a perceptible dip.
JLL is a leading professional services firm that specializes in real estate and investment management. JLL India is the Indian arm of the company, and its REIS report is a quarterly analysis of the Indian real estate market.JLL (Jones Lang LaSalle) is a global professional services firm that specializes in real estate and investment management. The company has a strong presence in India, with offices in major cities like Bengaluru, Mumbai, and Delhi.
Frequently Asked Questions
What is the number of units sold in Bengaluru's residential real estate market last quarter?
18,550 units
What is the percentage increase in new launches in Bengaluru?
45 per cent
What is the dominant price range of apartments in Bengaluru?
Rs 1 crore and Rs 3 crore
What is the contribution of Whitefield to new launches in Bengaluru?
47 per cent
What is the trend seen in Bengaluru's unsold inventory?
A perceptible dip
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