Bengaluru's real estate witnessed unprecedented growth

In the first quarter of 2024, sales reached to 130,000 units

This is an increase from 114,000 units sold last year

Bengaluru’s real estate market witnessed unprecedented growth in the first quarter of 2024, with sales reaching approximately 130,000 units. This marks a significant increase from the 114,000 units sold during the same period last year.

The Mumbai Metropolitan Region (MMR) and Pune emerged as major contributors, accounting for over half of the total sales. MMR experienced a remarkable 24% year-on-year increase, while Pune saw a 15% rise.

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Despite the robust sales figures, new launches in Bengaluru saw only a marginal increase of 1%, rising from 110,000 units in Q1 2023 to 111,000 units in Q1 2024.

In terms of housing segments, mid-segment homes priced between INR 40-80 lakh dominated the new supply in Bengaluru with a 33% share. Luxury homes (above INR 1.5 crore) followed with a 25% share, and premium homes (INR 80 lakh-1.5 crore) constituted 24%. Affordable homes (below INR 40 lakh) accounted for 18% of the new supply.

ANAROCK Group Chairman Anuj Puri reportedly highlighted the market’s significant traction, particularly in high-ticket homes, and the continued positive sentiment among homebuyers. Housing sales saw a 14% rise, with 17,790 units sold in Q1 2024 compared to 15,660 units in Q1 2023, underscoring the market’s resilience and robust performance.