According to a report by key property consultancy in India, Knight Frank India, Bengaluru’s housing sales gained ground in the April-June quarter and registered net positive growth of 4% in the first half of the year.
Close to half of the general deals during the half yearly time frame were in luxury housing sales. The garden city was the only major Indian city to experience a year-over-year decline in residential sales during the January-March quarter.
In the first quarter of 2024, home sales in Bengaluru fell by 2% annually to 13,133 units, driven by a sharp decline of over 68% in the affordable housing segment.
However, according to the report, Bengaluru’s overall residential sales increased by 4% year-over-year in the first half of 2024, reaching 27,404 units, compared to H1 2023.
In the meantime, new stock during the January - June time of 2024 expanded 9% every year to 25,567 units, rather than 23,542 units in the comparing period last year, the report showed Anarock, a property consulting firm, published a report stating that Bengaluru also experienced the highest annual rise in average residential prices, rising 32% to 7,800 per sq ft by the end of H1 2024 from 5,900 per sq ft by the end of H1 2023.
According to Anarock, the city’s available residential inventory decreased by 30% over the previous five years to approximately 45,420 units by the end of H1 2024, from approximately 64,680 units at the end of H1 2019. Besides, annual revenue in the city tumbled to a record low of 8 months by H1 2024-end, from 15 months in H2 2019, the expert added.
Regarding this, Prashant Thakur, regional director and head at Anarock Group says, "Average residential prices in the city stood at ₹7,800 per sq ft by H1 2024-end against ₹4,960 per sq ft at H1 2019-end”.
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