With 35% of all registered home sales in the June quarter, North Bengaluru has become the most active area in the IT capital.
In April-June of 2024, the value of recorded home sales in Bengaluru increased by 30% on a quarterly basis to reach Rs.19,631 crore, according to a research by proptech platform Square Yards.
Concurrently, compared to the January–March quarter, the total number of transactions recorded over the three-month period increased by 19% to 28,356.
Prestige Group topped the market, according to the survey, with 255 residential transactions recorded in the June quarter. Godrej Properties came in second with 126 deals.
At Rs.391 crore, Embassy Group, on the other hand, topped the list of developers with the highest house sales value for the reviewed period.
The IT capital had the most land deals of any major Indian city in Q2 2024, with nine transactions totaling 114.13 acres, according to statistics provided by real estate firm Anarock.
North Bengaluru is the most active region, with 35% of registered transactions in the June quarter, according to Square Yards' data. With a 30% share of all transactions, South Bengaluru was closely behind, with Jayanagar and Electronic City emerging as leading neighborhoods.
According to a recent Anarock research, residential property values in Bagaluru, North Bengaluru, have increased by 90% from Rs.4, 300 per square foot in 2019 to ₹8,151 per square foot in the first half of 2024, marking the largest price rise.
Responding to this rise in properties, Sopan Gupta, Principal Partner, Square Yards says, “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”.
Further he added, “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”.
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