Bangalore records residential registrations of Rs 14,436 Crores in Q4 2023

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Bangalore’s residential market sustains impressive growth in Q4 2023, recording 17730 transactions amounting to Rs 14,436 crores, as per Square Yards Data Intelligence for property registered by Inspector General of Registration (IGR), Karnataka.

Bangalore-based Prestige Group reigned supreme in terms of units registered in this quarter, with 276 units, followed by Sobha Group at 218 transactions. In terms of sale value, L&T Realty emerged as a top contender, collecting Rs 1004 crores from the proceeds. Phoenix Mills claimed the second spot, capitalizing on the burgeoning demand for mid-segment and luxury homes, with Rs 307 crores worth of sales. Godrej Properties, Embassy Group, and Birla Estates were other developers who had a great run in the October-December quarter.

Data Source: IGR, Karnataka, squareyards.com

Data Source: IGR, Karnataka, squareyards.com

“Bangalore’s residential market has been on song throughout 2023, with the demand mostly driven by millennials and young professionals. Rising disposable incomes, necessity for homeownership and the prudence of investing early, have led the young guns to dominate the real estate market. Besides, Bangalore’s thriving IT hub coupled with a vibrant cosmopolitan culture, beautiful weather, well-established metro network and profitable investment choices with both capital growth and rental income, has pulled homebuyers to this destination,” said Sopan Gupta, Co-Founder and Sales Director, Square Yards Bangalore.

L&T dominated the top projects category by sale value with its L&T Raintree Boulevard project amassing Rs 1019 Crores, whereas Birla Estates led in terms of transactions, with 207 units registered. L&T dominated the top projects category by sale value with its L&T Raintree Boulevard project amassing Rs 1019 Crores, whereas Birla Estates led in terms of transactions, with 207 units registered. Phoenix Mills also stood out in terms of volume in this quarter, making the most of the surge in housing demand.

Data Source: IGR, Karnataka, squareyards.com

If we look at the ticket size comparisons, there is a clear inclination towards the affordable segment properties below Rs 50 lakhs, comprising 48% of the transactions. This trend aligns with the increase in property prices in Bangalore to the tune of 5% annually. Properties valued at Rs 50 lakhs to 1 crore witnessed a slight Q-o-Q uptick in Q4 at 34%, underscoring the preference towards mid-segment homes with state-of-the-art amenities. Further, luxury and ultra-luxury segment also increased from 15% in Q3 to 18% in Q4, indicating an increasing shift towards high-end properties. The demand for spacious homes was evident in this quarter where 1000-1500 sq ft homes dominating the transactions, closely followed by 1500-3000 sq ft.

Undeniably, in the past two years, Bengaluru's real estate landscape has undergone substantial advancement. Fueled by key growth factors such as the robust presence of IT/tech hubs, a thriving modern housing sector, and top-notch infrastructure, the city's realty segment is poised for significant expansion. In the days ahead, it will be fascinating to observe how the city strategically navigates further to capitalize on the multiple opportunities available for homebuyers across various segments.

About Square Yards

Square Yards is India's largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.

Cover image- letsbuild.com