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Bengaluru tops India's residential real estate market, with JLL Research reporting 18,548 housing units sold and 16,537 new homes launched between April and June 2024. The city represents 21% of national new launches and 23% of home sales. The majority of new launches are in the upper-mid segment, priced between INR 1 - INR 3 crore. Whitefield and areas like Hosur Road have driven much of this activity. The average property price rose by 15%, and unsold inventory dropped by 21% year-on-year. Bengaluru's robust performance underscores its strong demand and dynamic real estate sector.
Bengaluru has solidified its position as the top residential real estate market in India, according to JLL Research. The city saw 18,548 housing units sold and 16,537 new homes launched during the April-June period of this year. Notably, 63% of these new launches were in the upper-mid segment, with apartments priced between INR 1 - INR 3 crore. Advertisement
Bengaluru's dominance in the residential sector is evident as it accounted for about 21% of all new residential launches and 23% of home sales nationwide during this period. The city's strong performance is attributed to high demand driven by its booming IT sector, ongoing infrastructure improvements, and a favorable business environment.
The current pace of launches is impressive, with the first half of 2024 alone seeing approximately 60% of the total annual launches recorded in 2022. The premium segment, with properties priced between INR 3 - INR 5 crore, has experienced a notable annual growth of over 200% compared to the same period last year.
Whitefield remains a key area in Bengaluru's real estate market, contributing 47% of the new supply and 57% of sales in the June quarter. Other significant areas include Hosur Road and Bellary Road, which also saw substantial activity. The area connecting Whitefield to Kempegowda International Airport, through Budigere Cross, has attracted major developers offering properties mainly in the INR 1 - INR 3 crore range, according to Rahul Arora, Senior Managing Director at JLL India.
The average property price in Bengaluru increased by nearly 15% in the first half of 2024. This rise is attributed to the launch of higher-priced premium projects and a quick sales pace, particularly in Whitefield and North Bengaluru.
Despite the high activity, unsold inventory in Bengaluru decreased by approximately 21% year-on-year, with the total standing at 70,147 units by mid-2024. This reduction in unsold inventory is partly due to 31% of the new launches being sold within the same period. The trend suggests that inventory turnover may continue to improve in the coming months.
In conclusion, Bengaluru's residential real estate market is thriving, driven by strong demand and significant new launches. The city's continued growth reflects its status as a prime destination for both buyers and developers, with key areas like Whitefield leading the way.
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