In Bengaluru, the July-September 2024 quarter recorded an 8% year-on-year (YoY) drop in residential property registrations, marking 25,259 units, according to data from Square Yards. The value of these transactions reached ₹15,739 crore, showing a 15% decline from the previous year’s ₹18,505 crore. This shift reflects a correction in a market that has experienced significant growth over recent quarters.
The average home sales value also saw a reduction, with prices down 7% year-on-year. Currently, the average residential property in Bengaluru is priced at ₹62 lakh. This moderation in the market, explained a Square Yards spokesperson, aligns with a cooling trend following robust demand. Despite this, strong interest continues across both apartment and plot segments, especially in the northern micro-markets. The analysis anticipates that festive season bookings will manifest as completed transactions in the coming months, reinforcing future demand. The data further reveals that 86% of property transactions during this period were within the sub-₹1 crore bracket. Specifically, properties in the ₹1-2 crore range constituted 8% of all transactions. Additionally, apartments sized between 1,000 and 1,500 square feet were the most popular, making up 47% of total transactions. The trend indicates a preference for larger homes, partly due to hybrid work models in the IT/ITeS sectors, influencing post-pandemic housing preferences.
Among Bengaluru’s regions, North Bengaluru emerged as the leader, accounting for 40% of property registrations in Q3. Proximity to Kempegowda International Airport and developing infrastructure have boosted demand for plots in this area, particularly in localities like Chikkasanne and Chikkasandra. South Bengaluru followed closely with a 25% share, with notable transactions in Jayanagar and Electronic City. Jayanagar, specifically, achieved the highest sales value at ₹469 crore, while Krishnarajapuram led in transaction volume with 192 units sold. In terms of developers, Embassy Group recorded the highest home sales value at ₹295 crore, with projects like Embassy Springs in Devanahalli and Embassy Lake Terraces in Hebbal leading the list. Prestige Group also performed strongly, with Prestige Golfshire among its top-selling projects.
Artha Property and Tata Realty stood out in transaction volume, with 100 and 98 units sold respectively. Artha’s Emprasa Startup City in Hoskote and Tata Realty’s New Haven in Bengaluru were particularly popular, contributing to the strong market presence of these companies. Birla Estates and Godrej Properties also registered notable sales volumes. As the city’s real estate market recalibrates, North Bengaluru’s micro-markets continue to attract robust demand, supported by infrastructure expansion and proximity to the airport. Although the city’s overall housing market is showing signs of correction, the sustained interest from end-users and investors points toward a gradual recovery. This evolution marks a reflective period for Bengaluru’s housing sector, as it aligns with the city’s broader economic growth.
