Bengaluru Residential Market Hits Rs 15,739 Cr in Sales Q3 2024: Square Yards Report

Bengaluru registered 25,259 residential units, comprising apartments and plots, during July-September 2024, according to Square Yards data. This figure shows an 8% year-on-year decline from 2023, while sales value dropped by 15% to Rs. 15,739 crore compared to Rs. 18,505 crore last year. The average home price now stands at Rs. 62 lakh, reflecting a 7% annual decrease.

Sopan Gupta, Principal Partner at Square Yards, noted the slight slowdown as a natural adjustment following high growth. Despite this, heightened interest from homebuyers during the festive season suggests potential future upticks in demand, as registrations typically follow bookings by three to six months. North Bengaluru continues to gain traction, especially with expanding metro and tech infrastructure, which are anticipated to bolster demand. Increased office space uptake from global tech giants is also expected to positively impact residential demand in the coming quarters.

Among developers, Embassy Group led with Rs. 295 crore in sales value, driven by projects like Embassy Springs in Devanahalli and Embassy Lake Terraces in Hebbal. Prestige Group followed closely, with Prestige Golfshire showing top sales performance. In transaction volume, Artha Property’s Emprasa Startup City in Hoskote and Tata Realty’s New Haven led the rankings for the quarter. Birla Estates and Godrej Properties also reported significant home sales values and transaction volumes.