Bengaluru's Residential Market Sees Steady Growth with 30% Jump in Registered Home Sales Value
Bengaluru's residential market continues to display steady growth, driven by a shift towards premium properties, with a 30% jump in registered home sales value in the June quarter.
Bengaluru Real EstateResidential MarketSquare YardsPrestige GroupEmbassy GroupReal Estate MumbaiSep 06, 2024
The value of registered sales surged at an even faster rate of 30% during the period, reaching Rs 19,631 crore by the end of the June 2024 quarter. This growth is driven by a shift towards premium properties, leading to an increase in the average registered sales value, reaching Rs 0.69 crore — a 9% rise compared to the previous quarter.
Sopan Gupta, principal partner at Square Yards, said Bengaluru's residential market remains northbound, continuing its upward trajectory with double-digit sequential growth in the June quarter. Despite challenges such as flooding and water shortages, homebuyer demand remains notably resilient, underpinned by a strengthening IT sector and the blend of full-time and hybrid working models.
Frequently Asked Questions
What is the current state of Bengaluru's residential market?
Bengaluru's residential market is displaying steady growth, with registered transactions maintaining an upward momentum both sequentially and annually.
What is driving the growth in Bengaluru's residential market?
The growth in Bengaluru's residential market is driven by a shift towards premium properties, leading to an increase in the average registered sales value.
Which developers are leading the market in Bengaluru?
Prestige Group and Embassy Group are leading the market in Bengaluru, with Prestige Group recording the highest number of transactions and Embassy Group leading in terms of home sales value.
What is the outlook for Bengaluru's residential market?
The outlook for Bengaluru's residential market is positive, with homebuyer sentiment expected to strengthen further, driven by infrastructure upgrades and the development of IT parks across the city.
What is the role of Square Yards in the Bengaluru residential market?
Square Yards is a technology-enabled real estate brokerage and mortgage marketplace that offers a comprehensive and integrated platform for all real estate needs in Bengaluru.
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