Report
Bengaluru residential real estate demand up 3.7% QoQ in Q1 2022: Report
- New residential launches in emerging peripheral localities increased supply by 1.4%
- Premium UC properties witnessed QoQ price appreciation of 3.7% in >INR 7,000 psf segment; Prices for Ready to Move(RM) properties in <INR 5,000psf segment increased 1.5%
Bengaluru, April 13, 2022: Driven by government policies and infrastructural development, the demand (listings) for residential real estate in Bengaluru increased 3.7% QoQ, revealed the latest Magicbricks PropIndex report for Q1 (Jan-Feb-Mar) 2022. Further, new residential launches in emerging peripheral localities increased supply (listings) by 1.4% QoQ.
Commenting on the PropIndex report, Sudhir Pai- CEO of Magicbricks, said, “Across India, increasing project completions, attractive offers from developers, supportive policies and improving employment opportunities have boosted buyer-confidence in the real-estate industry. We expect the momentum gained so far to continue across demand and supply backed by new launches tailored to the evolving needs of consumers and all-time low home loan interest rates. ”
Other highlights from the report
- Demand for 2 and 3 BHK configurations continued to dominate in Q1 2022, constituting 79% of the total demand and 81% of the total supply.
- Premium residential properties (more than INR 7,000 psf) constituted 33% of the total demand.
- RM (ready to move) segment witnessed a QoQ price increase of 1.2% and the “UC segment witnessed QoQ price decline of 0.2%.
- Premium UC properties witnessed 3.7% QoQ price appreciation in >INR 7,000 psf segment, while affordable RM properties increased 1.5% QoQ in <INR 5,000 psf segment.
The approval of Peripheral Ring Road connecting Tumakuru Road with Hosur Road is likely to increase demand for residential projects in the surrounding eastern & western neighbourhoods of Bengaluru city.
The report further predicts an onward trajectory for 2022 for pan India real-estate industry, due to external stimuli such as digitisation of land records, increased allocation of INR 48,000 crores under PM Awas Yojna and PM Gati Shakti, that are expected to further strengthen infrastructure and boost investments in the real estate sector.
-
News4 weeks ago
Godrej Properties Sells Rs 3k cr+ Homes of Godrej Zenith, Gurugram, within 3 days
-
News2 weeks ago
Noida’s High-Rise Societies Face Multiple Challenges Despite Rapid Urban Growth
-
News3 weeks ago
Olive Announces Dhruv Kalro as Co-Founder
-
News4 weeks ago
Godrej Properties Sells 5000+ Homes of Rs 9.5 cr in Q4FY24, Bookings up 84% YoY
-
News3 weeks ago
Vestian: Domestic Investors Dominate Institutional Investments in Jan-Mar’24
-
News3 weeks ago
India to become the fastest-growing silver economy, housing up to 17% of the world’s elderly population by 2050: CBRE Report
-
News4 weeks ago
HRERA Gurugram Rejects Godrej Properties’ Project Extension Application, Account Frozen For Prolonged Non-compliances
-
News2 weeks ago
SKA Forays In Luxury Housing: Launches SKA Destiny One in Greater Noida, To Invest Rs 592 Crores