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BusinessWire India
Bangalore (Karnataka) [India], March 24: NoBroker, India's first proptech unicorn has recently released a report on Bangalore's real estate market. The report delves in detail into the demand and supply trends and homebuyers' preferences. Bangalore buyers have leaned towards luxury and expansive living. The surge in large-scale developments and the premium placed on gated communities reflect a city on the cusp of redefining urban living. Key Micro-Markets Driving Demand Bangalore's top residential hotspots include Whitefield, Electronic City, Bagalur, Krishnarajapura, and Yelahanka, which continue to attract buyers due to their strong infrastructure and proximity to commercial hubs. In East Bangalore, Whitefield, Sarjapur Road, and Bellandur remain highly sought-after, driven by their thriving IT ecosystem and well-developed social infrastructure. Sarjapur Road, in particular, has emerged as a prime location for gated communities, attracting buyers who prioritize security, lifestyle amenities, and community living. North Bangalore Emerges as the City's Prime Real Estate Destination North Bangalore has solidified its position as the next real estate crown jewel, thanks to its rapid infrastructure development and proximity to the international airport. In 2024, the region accounted for approximately 33% of all new launches, a substantial jump from 23% in 2023. Areas such as Devanahalli, Yelahanka, KIADB Aerospace Park, Hennur Road, and Thanisandra are at the forefront of this expansion, driven by the anticipated development of major tech parks and industrial clusters. East Bangalore Continues Steady Growth Whitefield, Electronic City, Bagalur, Krishnarajapura, and Yelahanka remain top choices among buyers, with East Bangalore sustaining consistent supply due to its well-established tech parks and thriving commercial ecosystem. Sarjapur Road, in particular, remains a hotspot for gated community projects, drawing buyers who seek a blend of convenience, security, and lifestyle amenities. Luxury Housing Booms Amid Shrinking Mid-End Segment The premium housing segment has seen remarkable growth, with properties priced above Rs. 1.5 crore increasing their market share from 29% in 2023 to 34% in 2024. In contrast, mid-end housing (Rs. 40-80 lakh) has declined from 29% to 22%, reflecting a growing affordability challenge for budget-conscious buyers. With rising land and construction costs, developers are prioritizing high-margin luxury projects, leaving fewer options for mid-segment buyers who are increasingly looking at suburban areas or the resale market. "As developers double down on high-end projects, the trend towards exclusive, amenity-rich properties shows no signs of slowing down, reshaping Bangalore's skyline and lifestyle in the process. Meanwhile, the affordable and mid-end segments continued to experience steady demand, though the number of new launches in these categories was limited, leaving fewer options for buyers in these price ranges," said Saurabh Garg, co-founder & Chief Business Officer of NoBroker.com. New Launches Command Premium Pricing Newly launched projects continue to dominate buyer preference, commanding a ~25% price premium over resale properties. The average price per square foot for new launches has surpassed the Rs. 9,000 mark, reflecting a 16% year-on-year appreciation. Despite a 30% increase in the number of units launched in 2024, the total number of projects increased by just 5%, highlighting a shift toward larger developments and townships. On average, projects in 2024 featured 25% more units than those in 2023, emphasizing a growing preference for integrated living spaces with premium amenities. Gated Communities Preferred over Standalone Houses Gated communities are preferred over non-gated ones as they continue to fare better in terms of price appreciation, driven by their security, amenities, and community living experience. These factors continue to attract high-end buyers, pushing values higher and reinforcing the preference for integrated developments. Affordability Challenges and the Shift Toward High-End Developments As developers focus on high-margin luxury projects, the market is becoming increasingly tilted toward premium housing. The rising cost of land and construction materials, coupled with the preference for larger, more exclusive properties, has led to a decline in budget-friendly options. This shift is pushing entry-level homebuyers toward suburban locations or the resale market in search of affordable housing. With Bangalore's real estate landscape evolving rapidly, the demand for luxury, gated communities, and large-scale developments continues to grow, reshaping both the city's skyline and its lifestyle trends. (ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
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