Bengaluru’s Residential Market Sees Rs. 15,739 Crore in Transactions in July-September 2024

In the July-September 2024 quarter, Bengaluru’s residential market registered 25,259 transactions worth ₹15,739 crore, reflecting an 8% dip in volume and a 15% decrease in value compared to the previous year. The average home sale price dropped 7%, settling at ₹62 lakh. While the market showed a natural slowdown after a period of rapid growth, demand remains resilient, fueled by infrastructure developments like metro expansions and increased IT activity. The festive season and end-user interest are expected to drive momentum in upcoming quarters.

North Bengaluru led the market with 40% of transactions, driven by its proximity to Kempegowda International Airport and demand for plots in localities like Chikkasanne. South Bengaluru followed, with Jayanagar recording ₹469 crore in sales value, while Krishnarajapuram topped transaction volume. Developers like Embassy Group and Prestige Group dominated sales, with projects such as Embassy Springs and Prestige Golfshire standing out. Most transactions (86%) occurred in the sub-₹1 crore range, highlighting a preference for affordability and larger apartments catering to hybrid work needs.

Bengaluru’s real estate sector is poised for steady growth, supported by robust infrastructure projects, including metro expansion and the development of 89 new tech parks. Central Bengaluru remains the city’s most expensive region, with an average sales value of ₹1.35 crore, while West Bengaluru offers more affordable options. Despite a temporary slowdown, the market's long-term prospects look strong, driven by increasing urban livability and resilient demand from end-users and investors alike.

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