Bengaluru's Luxury Housing Market Sees Significant Growth in H1 2024
Bengaluru's housing sales register 4% growth in H1 2024, with luxury homes priced at ₹1 crore and above witnessing 76% annual growth.
Housing SalesBengaluruLuxury HousingReal EstateIndiaReal Estate NewsJul 10, 2024
The luxury segment, comprising homes priced at ₹1 crore and above, witnessed a remarkable 76% annual growth, accounting for 50% of the total sales. This is in stark contrast to the affordable housing segment, which saw a decline of 63% during the same period.
The mid-segment, comprising homes priced between ₹50 lakh and ₹1 crore, also saw a reduction in its share, falling from 50% to 43% of the total sales.
information Bengaluru's housing market had suffered a setback in the first quarter of 2024, with a 2% year-on-year fall in sales. However, the city has managed to recover ground, driven by the increasing demand for luxury housing.
Knight Frank India is a leading property consultancy firm that provides in-depth research and analysis on the Indian real estate market. Anarock Group is another prominent property consultancy firm that provides insights into the Indian real estate market.
The average residential prices in Bengaluru have also seen a significant jump, increasing by 32% to ₹7,800 per sq ft by the end of H1 2024. This is attributed to the increasing demand and rising construction costs post the Covid-19 pandemic.
North Bengaluru commands the highest average capital values of more than ₹7,000 per sq ft among the city's four corners. The average capital values are projected to witness a moderate appreciation of 10% across the city, by the end of 2024.
The city's available residential inventory stood at approximately 45,420 units by the end of H1 2024, marking a 30% five-year decline. The inventory overhang in the city fell to a record low of 8 months by H1 2024-end.
Segments such as co-living spaces and eco-friendly homes are expected to play key roles in market expansion.
Frequently Asked Questions
What was the growth rate of Bengaluru's housing sales in H1 2024?
Bengaluru's housing sales registered a 4% growth in H1 2024.
Which segment drove the growth in Bengaluru's housing sales?
The luxury segment, comprising homes priced at ₹1 crore and above, drove the growth in Bengaluru's housing sales.
What was the annual growth rate of the luxury segment in H1 2024?
The luxury segment witnessed a 76% annual growth in H1 2024.
What is the current average residential price in Bengaluru?
The average residential price in Bengaluru stood at ₹7,800 per sq ft by H1 2024-end.
What is the projected appreciation of average capital values in Bengaluru by the end of 2024?
The average capital values are projected to witness a moderate appreciation of 10% across the city, by the end of 2024.
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