A total of 28,356 transactions were recorded in Bengaluru during the second quarter of 2024, marking a 19 per cent jump over the previous quarter, according to data from real estate portal Square Yards. The data showed that the value of registered sales surged at an even faster rate of 30 per cent during the period, reaching Rs 19,631 crore by the end of the June 2024 quarter.
“Bengaluru’s residential market continues to display steady growth as registered transactions maintain upward momentum both sequentially and annually,” Square Yards said in a statement.
Sopan Gupta, principal partner at Square Yards, said Bengaluru’s residential market remains northbound, continuing its upward trajectory with double-digit sequential growth in the June quarter. Despite challenges such as flooding and water shortages, homebuyer demand remains notably resilient, underpinned by a strengthening IT sector and the blend of full-time and hybrid working models.
“Our data highlights that while the East and Southern suburbs retain their appeal, Northern suburbs are rapidly emerging as key areas of interest for both apartments and plots. Branded developers, particularly those delivering quality projects, are witnessing successful launches with swift offtake. Given the on-going trends, we are optimistic that the residential market will maintain its upward trajectory. Homebuyer sentiment is expected to strengthen further, driven by the much-needed infrastructure upgrades and the development of IT parks across the city. These factors are likely to attract more working professionals, reinforcing both commercial and residential demand in Bengaluru,” Gupta added.
According to the Square Yards data, the upward momentum in Bengaluru’s residential market is driven by shift towards premium properties leading to an increase in the average registered sales value, reaching Rs 0.69 crore — a 9 per cent rise compared to the previous quarter.
Market Leaders and Key Projects
Prestige Group maintained its lead in the Bengaluru residential market, recording the highest number of transactions with 255 units sold. According to their Q1 FY2025 report, the developer has 12 upcoming projects spanning a developable area of ~28 million sq. ft. in the city. Close behind was Godrej Properties, with 126 transactions, both developers seeing the majority of sales in North Bengaluru during the April-June 2024 period, according to Square Yards.
In terms of home sales value, Embassy Group and Prestige Group led the market, accounting for Rs. 391 crore and Rs. 264 crore, respectively, in the June quarter. Embassy Group’s Embassy Springs project in Devanahalli, a plotted residential development, amassed the highest transaction value. This highlights the sustained demand for plotted developments, particularly those designed as amenity-rich gated communities in Bengaluru.
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