Bengaluru Residential Market Registers Rs 15,739 Cr Sales in Q3 2024: Square Yards

Bengaluru / November 13, 2024: During the July-September 2024 quarter, a total of 25,259 residential units, including apartments and plots, were registered with the Inspector General of Registration (IGR) in Bengaluru, according to data from Square Yards. This figure represents a slight year-on-year decrease of 8% compared to the same period in 2023. The sales value for these properties amounted to Rs. 15,739 crore, marking a 15% decline from the Rs. 18,505 crore recorded in the July-September quarter of the previous year. Consequently, the average home sales value saw a modest yearly reduction of 7% during this period, with the current average home price in Bengaluru standing at Rs. 62 lakh, Square Yards said in a statement.

“Bengaluru’s residential market has seen a modest moderation in transaction momentum in the July-September 2024 quarter, a natural adjustment following a period of rapid growth”, said Sopan Gupta, Principal Partner, Square Yards. 

“During the festive season, we’ve seen heightened homebuyer interest, and as registrations generally complete within three to six months post-booking, we anticipate this demand to manifest in the upcoming quarters. Interest remains strong across both apartments and plots, with the northern micro-market gaining traction in particular. Looking ahead, we expect demand to continue on an upward trajectory, driven by resilient end-user and investor appetite. Ongoing infrastructure development, such as expansion of metro network and tech-infrastructure coupled with heightened office space uptake from major global tech players, are set to positively trickle in the residential market in Bengaluru,” Gupta added.

Among developers, Embassy Group led with the highest home sales value, reaching Rs. 295 crore. Their projects, Embassy Springs, a residential plotted project in Devanahalli, and Embassy Lake Terraces, an residential apartment project, in Hebbal, emerged as the top projects in terms of sales value. Close behind was Prestige Group, with Prestige Golfshire leading in sales value among its projects in July-September 2024 period, the statement added. 

In terms of transaction volume, Artha Property and Tata Realty held the lead. Artha Emprasa Startup City in Hoskote recorded the highest number of transactions in the September 2024 quarter, with Tata Realty’s New Haven coming in as a close second in Bengaluru. Both Birla Estates and Godrej Properties also made notable contributions, registering significant home sales values and transaction volumes, respectively.

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