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Bengaluru's housing market recorded strong growth in July-September, with sales up 21% year-on-year to 16,840 units, according to PropEquity. Residential sales for January-September are expected to hit 49,559 units, already higher than last year's 46,392, with festive demand likely to boost momentum further. Industry leaders highlighted that genuine end-user demand, particularly from IT professionals, start-ups, and global capability centres, underpins this boom, making it sustainable. Rising interest in plotted developments and second homes also reflects expanding city limits and infrastructure upgrades. While Bengaluru surged, sales across India's top nine cities dipped 4%, driven by weaker demand in Mumbai and Pune.
Bengaluru's housing market witnessed a marked rise in demand during the July-September quarter, with sales estimated to increase by 21 per cent to 16,840 units, as reported by PropEquity. In the corresponding period last year, sales stood at 13,966 units. Advertisement
According to the real estate analytics firm, residential sales in the city during January-September of this calendar year are expected to reach 49,559 units, higher than the 46,392 units recorded in the same period of the preceding year. With the festive season underway, developers anticipate that sales in Bengaluru during the final quarter of the year would grow further, helping the city end the year on a stronger note.
The data also revealed that Bengaluru's housing sales stood at 61,116 units in 2024, lower than the 66,600 units seen in the prior year. During the pandemic-hit 2020, sales had fallen sharply to 34,480 units, but activity revived in subsequent years due to pent-up demand, rising to 43,181 units in 2021 and further to 60,391 units in 2022.
Industry leaders highlighted the strength of the current market. Karishmah Siingh, President - Sales, Marketing & CRM at Sattva Group, observed that Bengaluru's residential boom was primarily fuelled by genuine homebuyers, which made it more sustainable. She added that the city's status as a preferred destination for multinationals and global capability centres was generating substantial demand for quality housing, with many micro-markets transforming into growth hubs through infrastructure and connectivity upgrades.
Umesh Gowda H.A, Chairman and Founder of Sanjeevini Group, remarked that end-user demand, particularly from professionals in the IT sector and start-ups, was the key driver. Similarly, Sowparnika Projects - Managing Director, Ramji Subramaniam, attributed the robust demand to the thriving IT ecosystem, favourable climate, and cosmopolitan lifestyle.
Sterling Developers' Marketing Director, Anjana Sastri, emphasised that economic, social, and lifestyle factors together were underpinning demand. She noted that the city's IT industry, job creation, high rental yields, cosmopolitan culture, and infrastructure development were sustaining interest from both end-users and investors.
Adding further perspective, ORA Realty's Executive Director, Rohit Maroo, mentioned that plotted developments and second-home farm plots were gaining popularity among retail investors. He explained that with the city limits expanding, government-led infrastructure initiatives, and increasing urbanisation, land values in emerging growth corridors were steadily appreciating. He added that plotted projects were now the preferred choice for middle-class buyers seeking customised spaces.
Meanwhile, PropEquity data suggested that across India's top nine cities, overall housing sales in the July-September quarter were likely to see a 4 per cent decline, mainly on account of lower demand in Mumbai and Pune. Sales across these nine cities were estimated at 1,00,370 units compared with 1,05,081 units in the same quarter of the previous year.
P.E. Analytics Ltd, a publicly listed company, owns and operates PropEquity, which tracks over 1.7 lakh projects by more than 57,000 developers across 44 Indian cities.
Source - PTI
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