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Bengaluru's residential real estate market witnessed an 8 per cent decline in the July-September 2024 quarter year-on-year, with total registrations for residential units, including apartments and plots at 25,259 units, according to a report by Square Yards.
According to the data of the Inspector General of Registration (IGR), this marks an 8 per cent year-on-year decline compared to the same period in 2023. The sales value also fell 15 per cent to Rs. 15,739 crore, down from Rs. 18,505 crore in the corresponding quarter last year, indicating a yearly dip in the average home sales value by 7 per cent to Rs. 62 lakh. Sopan Gupta, Principal Partner, Square Yards, however was optimistic on future growth, "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." He added, "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 residential market in Bengaluru." The majority (86 per cent) of Bengaluru's property transactions this quarter fell below the Rs. 1 crore mark, with a significant 8 per cent of sales in the Rs. 1-2 crore bracket. Apartment units between 1,000 to 1,500 sq. ft. made up nearly half (47 per cent) of all transactions, highlighting a sustained preference for larger spaces due to the hybrid work trend among IT/ITes professionals. North Bengaluru dominated with a 40 per cent share of registered transactions, bolstered by its proximity to Kempegowda International Airport and demand for plot-based acquisitions in areas like Chikkasanne and Chikkasandra. South Bengaluru followed with a 25 per cent share, with Jayanagar and Electronic City as prominent hotspots. In particular, Jayanagar recorded the highest home sales value at Rs. 469 crore, while Krishnarajapuram led in transaction volume with 192 units sold during the quarter. The city's central region remains the priciest micro-market, with an average home sales value of Rs. 1.35 crore, while eastern Bengaluru averaged Rs. 67 lakh. Western Bengaluru continues to offer relatively affordable options, with average transaction values around Rs. 44 lakh. (ANI)
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