Bengaluru residential property registration falls 8% y-o-y between July-September 2024 to 25,259 housing units
Bengaluru real estate: The sales value of housing units also fell 15% to ₹15,739 crore, down from ₹18,505 crore in the corresponding quarter last year
Bengaluru housing market witnessed an 8% decline in registrations in the July-September 2024 quarter recording 25,259 residential units with the Inspector General of Registration (IGR), according to data shared by proptech platform Square Yards on November 13.
Bengaluru residential real estate saw a dip of 8 pc (YoY), sold houses worth ₹15,739 crore, it showed.
While the number of transactions saw a year-on-year decrease of 8%, the sales value of the properties marked a 15% decline from the ₹18,505 crore recorded in the July-September quarter of the previous year, the analysis showed.
Consequently, the average home sales value saw a yearly reduction of 7% during this period, with the current average home price in Bengaluru standing at ₹62 lakh, per the analysis.
“Bengaluru's residential market has seen a modest moderation in transaction momentum in the July-September 2024 quarter, a natural adjustment following a period of rapid growth”, said Sopan Gupta, Principal Partner, Square Yards.
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“During the festive season, we've seen heightened homebuyer interest, and as registrations generally complete within three to six months post-booking, we anticipate this demand to manifest in the upcoming quarters. Interest remains strong across both apartments and plots, with the northern micro-market gaining traction in particular. Looking ahead, we expect demand to continue on an upward trajectory, driven by resilient end-user and investor appetite,” Gupta added.
The analysis showed that during the July-September quarter, the majority (86%) of property transactions in Bengaluru were concentrated in the price bracket below ₹1 crore. The remaining transactions were in the ₹1 crore and above category, with a notable 8% in the ₹1-2 crore range.
Apartments ranging from 1,000 to 1,500 square feet accounted for the largest share of transactions at 47% of the 25,259 total registrations. “This trend indicates a continued preference for larger living spaces, driven by the adoption of hybrid work models in IT/ITes sectors, which have influenced post-pandemic housing demand in the city,” the analysis showed.
Micro market performance
According to the analysis, North Bengaluru remained the city's most active region, accounting for 40% of registered transactions during the September 2024 quarter. The micro-market’s proximity to Kempegowda International Airport has driven increased demand, particularly for plot acquisitions, it said.
Localities such as Chikkasanne and Chikkasandra, led activity within the northern micro-market as South Bengaluru followed closely with a 25% share of total transactions, with Jayanagar and Electronic City standing out as key localities. Notably, Jayanagar recorded the highest home sales value in Bengaluru, totalling ₹469 crore, while Krishnarajapuram led in transaction volume, with 192 units sold during the quarter, per the analysis.
Market leaders and key projects
According to the analysis, Embassy Group led with the highest home sales value during the three-month period under review reaching ₹295 crore. Their projects, Embassy Springs, a residential plotted development project in Devanahalli, and Embassy Lake Terraces, a residential apartment project, in Hebbal, emerged as the top projects in terms of sales value, per the analysis. Close behind was Prestige Group, with Prestige Golfshire leading in sales value among its projects in July-September 2024 period.
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In terms of transaction volume, Artha Property (100) and Tata Realty (98) held the lead. Artha Emprasa Startup City in Hoskote recorded the highest number of transactions in the September 2024 quarter, with Tata Realty’s New Haven coming in as a close second in the IT capital. Both Birla Estates and Godrej Properties also made notable contributions, registering significant home sales values and transaction volumes, respectively, the analysis showed.