Bangalore Records Residential Registration of Rs 144,36 Cr in 2023

Introduction

The Bengaluru residential market recorded 17730 transactions in 2023. It is Rs. 14,436 crore, according to an intelligence report on property square yards registered by the Karnataka Inspector General of Registration (IGR).

Table of Contents

• It Is Wise to Invest Early
• L&T Has Announced
• Bangalore Micro Market Value: Q4’2023
• Clear Preference for Assets

Bangalore-based Prestige Group topped the list with 276 units. The Developer Shobha Group was second with 218 transactions, the report said. In terms of sales value, L&T Realty tops the list. Collections of It recorded collections of 1004 crores.

Capitalizing on the growing demand for mid-segment and luxury homes, Phoenix Mills stood second with sales of 307 crores. Godrej Properties, Embassy Group, and Birla Estates were other developers that had a great run in the October–December quarter.

It Is Wise to Invest Early

Sopan Gupta, Co-Founder and Sales Director, of Square Yards Bangalore, said, “Bangalore’s residential market is in full swing in 2023. Demand is largely driven by millennials and young professionals. Increasing disposable incomes. The necessity of home ownership and the prudence of investing early.

Moreover, Bangalore’s emerging IT hub, along with its vibrant, cosmopolitan culture, beautiful environment, well-established metro network, and lucrative investment options for both capital growth and rental income, attracts home buyers to this destination.

L&T Has Announced

L&T has announced that its L&T Raintree Boulevard project, worth Rs. 1019 crore dominates the top projects category by sales value. But Birla Estates recorded 207 units in terms of transactions. Phoenix Mills also stood out in terms of volume in the quarter, largely due to increased housing demand.

Bangalore Micro Market Value: Q4’2023

This is Bangalore’s startup boom and expanding economy. This has made the city’s real estate market highly competitive market with a diverse range of options for potential buyers. There is strong social infrastructure, IT hubs like Koramangala, and strong connectivity through Sarjapur Road and Kanakpura Road. South Bangalore recorded the highest number of transactions at 5866. North Bangalore has Rs. 4564 crores worth of property, leading in sales value.

These two micromarkets have employment opportunities and excellent livelihoods. Despite sharing similar investment potential for this reason, the recent IT boom and SEZ development have put North Bengaluru at the forefront of the investment race.

The last quarter of 2023 also saw notable success in East and Central Bangalore. Krishnarajapura, JP Nagar, Whitefield, Electronic City, and Saharkara Nagar have emerged as top choices for prospective buyers in Bangalore.

Clear Preference for Assets

In terms of ticket size comparisons, there is a clear preference for properties in the sub-50 lakhs price segment. This trend is due to property prices increasing by up to 5% annually in Bangalore. Properties worth Rs 50 lakh to Rs 1 crore advanced marginally Q-o-Q at 34% in Q4.

Furthermore, the luxury and ultra-luxury segment also grew from 15% in Q3 to 18% in Q4, indicating a growing shift towards high-end properties. Demand for spacious homes was evident during the quarter, where 1000–1500 sq ft homes dominated transactions and 1500–3000 sq ft.

Moreover, in the last two years, the real estate sector has made significant progress. The strong presence of IT and tech hubs in the burgeoning modern housing sector. Driven by key growth factors such as top-notch infrastructure, the city’s real estate segment is poised for significant expansion, the report said.

Conclusion

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Also read: Housing Projects in Bangalore: Top Appreciation Residential Project