Bengaluru Real Estate prices have jumped by 57% as per a report which has been released by Anarock.
Bengaluru real estate In H1 2024, the housing sales were higher than the new launches with approximately 34,100 units being sold which was an 11% increase compared to the previous year.
According to the report, in the last few years, the level of attraction towards this city has always been the same, which is why; the office space was filled up rapidly starting from 2020.
The yearly growth of the average office rentals across Bengaluru’s key markets since 2021 was between 4% and 8%. Despite a slight decrease in the IT-ITeS sector’s dominance year-over-year (YoY)), co-working space providers and manufacturing/industrial occupiers grew their presence by 3% each.
The report added that this represents a potential diversification of the city’s tenant base and a mature business ecosystem for Bengaluru real estate.
According to the report, the average cost of residential space in the city has also climbed. At the end of H1 2024, it was ₹7,800 per square foot, compared to ₹4,960 per square foot at the end of H1 2019.
Inventory overhang fell to a record low of eight months by the end of the first half of 2024, compared to 15 months in the second half of 2019; Available inventory of approximately 45,400 units – 11 percent less than the first half of 2023, the report said.
Almost 32,500 new units were introduced into the city in the first half of 2024, a 30% increase over the same period the previous year. In the first half of 2024, the premium segment leads new launches with 39 percent of the total share of residential property. The luxury segment held a 36 percent share.
According to the Anarock report “Bengaluru’s Real Estate – Your Gateway to Opportunity,” Bengaluru, India’s dynamic metropolis known as the “Garden City” and “Silicon Valley,” has become a prime hub for residential and commercial real estate opportunities. Bengaluru real estate prices are brimming with prosperity.
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