Bengaluru tops Indian real estate in q2 2024 on the sales and launches front. Even more surprising is that the sweet spot for new homes seems to be the Rs. 1-3 crore range. A whopping 63% of all new projects launched fall into this category, it looks like the entire city is upgrading.
The city of Bengaluru tops Indian real estate, and now is one of the leading residential property markets in India with 18,548 units sold and 16,537 new homes launched from April to June of this calendar year, says JLL Research.
An analysis of the report, identified that a primary 63% of the launches were in the above-average mid-segment, comprising homes priced at ₹1 – ₹3 crore.
It revealed that the IT capital had contributed 21 percent of the total residential launches and around 23 percent of the home sales pan India in the said three months. The study attributed the stable demand for property in Bengaluru to increasing IT outsourcing business, infrastructure development schemes, and a favorable business climate for achievement.
Notably, however, the total unit launches in the first half-yearly period of 29,153 units have already crossed 60 percent of the maximum unit launches recorded in a year, the report explained on Bengaluru tops Indian real estate in Q2 2024. Further, the growth of the newly launched products in the premium segment that are priced between ₹3-5 crore stood at an annual increase of over 200% compared to H1 2023, says the report.
Bengaluru Tops India Real Estate: Micro Market Performance
A micro market analysis in the study revealed that Whitefield in East Bangalore has maintained its stronghold that occupied around 46 percent of fresh supply and nearly 56 percent of the sales in the June quarter.
At the same time, it was registered that Hosur Road and Bellary Road submarkets have contributed a fairly good share to the overall positive trends for Bengaluru Tops Indian Real Estate in Q2 2024.
The corridor starting from Whitefield up to the Kempegowda International Airport, which passes through Budigere Cross has several reputed developers who have planned the projects mostly in the price bracket of ₹1 crore- ₹3 crores, says the report on Bengaluru Tops Indian Real Estate.
Property Prices and Unsold Inventory Report on Bengaluru Tops Indian Real Estate
According to the analysis of the study conducted for the first half-yearly period of the year 2024, the average price range of the properties in Bengaluru was recorded to have risen to around 15% annually.
The fact has been attributed to the launching of more number of premium projects at higher package rates and the quicker shift of quality parts set as a benchmark, which has pushed sales in Whitefield and North Bengaluru region it added.
As of the period H1 2024, the concerned ratio in Bengaluru for unsold units, declined by several percentage points, approximately 21%, year on year due to more focused sale and accommodation velocity as compared to new launches, according to the report. The unsold inventory stock stood at 70547 units by the end of the first half of 2024.
A part of this decline in unsold inventory can be on account 31% of the H1 2024 launch was sold out in the same period, the note added. These conditions teamed with expected improvement in the sales volume in the upcoming quarters imply that months to sell for the available stock will reduce in the near to medium term, the report said.
Future Outlook
Looking ahead, the city’s expanding IT sector and infrastructural upgrades are projected to fuel demand, keeping Bengaluru’s real estate market booming. The market is expected to be in good shape given the predicted decline in the number of months needed to sell current inventory.
Developers and investors intend to maintain their focus on premium services and high-demand categories to take advantage of the city’s promising growth potential.
Conclusion:
In Q2 2024, Bengaluru tops Indian real estate, the industry has seen impressive growth, with a notable increase in sales and launches. The focus on properties in the upper-mid segment and the outstanding results of important micro markets highlight the city’s standing as a top real estate destination in India.
Bengaluru’s real estate market is expected to continue being a hub of activity and investment in the upcoming months as it continues to change.