Comments
The Silicon Valley of India has dominated the residential real estate market with 16,537 unit launches and sales of sales of 18,550 units recording the highest share of real estate supply in India for Q2, stated a report from Real Estate Intelligence Service (REIS) of JLL Research. This achievement marks a return of the city to the top position since Q3 2018.
The new launches in the city increased by almost 45 per cent, and this strong demand for property in Bengaluru is bolstered by the thriving IT sector, ongoing infrastructure upgrades, and a favourable business climate, said Rahul Arora, Senior Managing Director, Karnataka and Kerala, JLL India.
He added, “Whitefield continues to hold its dominant position driven by its office sector expansion and recent extension of the Namma Metro network and led the Q2 city launches contributing a share of 47 per cent.”
Sought-after areas
In addition to Whitefield, the corridor linking Whitefield to Kempegowda International Airport via Budigere Cross has drawn interest from numerous renowned developers, who have launched projects priced between ₹1 crore ₹3 crore. This submarket also contributed to approximately 57 per cent of the city’s quarterly sales, added Arora.
The robust buyer interest in projects launched over the past six months drives sustained sales momentum.
The upper-mid segment, comprising apartments priced between ₹1 crore to ₹3 crore has captured a significant share of approximately 63 per cent in the first half launches of 2024. However, on a half-yearly basis, the premium segment (apartments priced between ₹3 crore to ₹5 crore) experienced a notable y-o-y growth more than 200 per cent compared to H1 2023, highlighting strong activity and healthy launches in this category.
Similar to launches, the upper-mid segment held a dominant share of 47 per cent in H1 2024 sales. However, the premium segment continued a remarkable y-o-y growth of around 175 per cent when compared to H1 2023.
The unsold inventory decreased by 21 per cent y-o-y as sales outpaced new launches. The total unsold inventory stood at 70,147 units by the end of H1 2024. A contributing factor to this reduction was that about 31 per cent of the launches were sold out during the same period.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.