The value of registered home sales in Bengaluru jumped 30% quarter-on-quarter to reach ₹19,631 crore during the April-June period of 2024, a report by proptech platform Square Yards said. Simultaneously, the number of transactions recorded during the three-month period grew 19% to 28,356, compared to the January-March quarter.
According to the report, Prestige Group led the market with the highest number of residential transactions registered in the June quarter at 255. It was followed by Godrej Properties with 126 transactions. Meanwhile Embassy Group topped the list of developers with the highest home sales value during the period under review at ₹391 crore.
Also Read: Bengaluru tops housing sales and launches pan India in Q2 2024, ₹1-3 crore homes capture 63% of new launches
As per data shared by property consultancy Anarock, the IT capital registered nine land deals spanning 114.13 acres during Q2 2024, highest amongst the top cities in India.
North Bengaluru leading corner in the city
“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,” said Sopan Gupta, Principal Partner, Square Yards.
“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,” Gupta added.
Also Read: Bengaluru’s housing sales register 4% growth in H1 2024; homes priced at ₹1 crore and above witness 76% annual growth
As per Square Yards’ analysis, North Bengaluru continues to be the most active region, accounting for 35% of registered transactions in the June quarter. South Bengaluru closely followed with a 30% share in overall transactions, with Electronic City and Jayanagar standing out as top localities.
A recent report by Anarock showed that Bagaluru in North Bengaluru has experienced the most significant price appreciation, with residential property values soaring by 90%, from ₹4,300 per sq ft in 2019 to ₹8,151 per sq ft in the first half of 2024.
Also Read: Tech cities Bengaluru and Hyderabad drive India’s real estate boom with property prices appreciating by over 80%
