Rs 19,000 crore worth of homes sold in the April-June quarter.
The real estate rally in Bengaluru continues. During the April-June period of this year, homes worth Rs 19,000 crore were sold. Of the total sales, 35% occurred in North Bengaluru. According to a report by PropTech platform Square Yards, home sales in this June quarter have increased by 30% compared to the June quarter of the previous year, reaching Rs 19,631 crore. At the same time, the number of transactions over the three-month period has increased by 19% compared to the January-March quarter, reaching 28,356 transactions.
In the June quarter, Prestige Group led the market with the highest number of 255 residential transactions, followed by Godrej Properties with 126 transactions. MBC Group topped the list of developers with the highest value of residential sales at Rs 391 crore.
Sopan Gupta, Principal Partner at Square Yards, stated, “Despite challenges such as floods and water scarcity, the demand from home buyers remains stable. Strengthening IT sector and offices operating full-time are supporting this trend.” While the eastern and southern suburbs have maintained their dominance, the northern suburbs are emerging as key areas of interest for both apartments and plots. In the June quarter, North Bengaluru topped with 35% share of total sales, while South Bengaluru was second with a 30% share. Property prices in Bagaluru, North Bengaluru, have significantly increased, with prices rising by up to 90%. In 2019, the price was Rs 4,300 per square foot, which has increased to Rs 8,151 in the first half of 2024.
