In the period from October to December 2023, L&T saw a surge in property sales in Bengaluru, totaling Rs. 1,004 crore, indicating strong demand for their properties. Prestige Group led in registered units with 276 transactions, solidifying their position in the market. Sobha Group also performed well with 218 transactions, showcasing their competitiveness. Overall, the positive sentiment in the Bengaluru real estate market was evident, with these companies' success reflecting buyer trust and confidence. Their achievements contribute to the growth of the real estate sector in the region.
In the real estate market of Bengaluru, a total of 17,730 transactions were recorded, amounting to Rs. 14,436 crore. This data was provided by Square Yards Data Intelligence, based on property registrations by the Inspector General of Registration (IGR), Karnataka.
Phoenix Mills secured the second position in terms of sales, taking advantage of the demand for mid-segment and luxury homes. Their sales amounted to Rs. 307 crore. Other prominent developers such as Godrej Properties, Embassy Group, and Birla Estates also had a successful quarter from October to December.
In the fourth quarter of CY23, among the top 10 developers, local players like Sattva Group sold properties worth Rs. 92.3 crore, Modern Spaaces transacted Rs. 108.9 crore, and Sowparnika Projects achieved sales of Rs. 72.3 crore.
According to Proptech platform Square yards, there is a noticeable preference to be seen for properties in the affordable segment priced below Rs. 50 lakh, making up 48 percent of all transactions. This pattern coincides with the annual 5% rise in property prices in Bengaluru.
The Properties which are valued at Rs. 50 lakh to 1 crore witnessed a slight Q-o-Q surge in Q4CY23 at 34%, underscoring the preference towards mid-segment homes.
Further, the luxury and ultra-luxury segment also witnessed a surge and jumped from 15% in Q3 to 18% in Q4, indicating an increasing shift towards high-end properties. In Q4CY23, North Bengaluru recorded sales of Rs. 4,563.7 crore surpassing central and east Bengaluru at Rs.3,009.4 crore and Rs. 2,253.1 crore respectively.
Furthermore L&T dominated the top projects category with their Raintree Boulevard project which grabbed 1,019 crore. On the other hand, The Birla Estates saw aregistration of 207 units. In South Bengaluru, IT hubs like Koramangala and strong connectivity via Sarjapur Road and Kanakpura Road, recorded the highest transactions at 5,866.
During the last quarter of 2023 a significant growth was seen in East and central Bengaluru. Krishnarajapura, JP Nagar, Whitefield, Electronic City, and Sahakara Nagar are among the top choices for prospective buyers in Bengaluru.
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