ET Now: Bengaluru Sees 30% Surge in Home Sales Value; Registers 28,000+ Transactions in Q2 2024 - MAIA Estates

Legal Disclaimer

The material contained in this website is provided for informational purposes only, and should not be construed as a prospectus or notice which is binding. By using or accessing this website, you hereby agree to be bound by the terms of this Disclaimer. MAIA Estates LLP (“MAIA LLP”) reserves all the right to add, alter or delete any material from the website at any time without notifying you. Nothing contained on this website constitutes a contract, booking, selling or an offer for sale or invitation to purchase a unit in any project of MAIA LLP and shall not be considered a legal offering under any law for the time being in force, under any circumstances. The contents herein comprises of general information and may not reflect current legal developments, verdicts or settlements. The contents on this website may not be definitive and can be modified in terms of the stipulations / recommendations under the Real Estate (Regulation and Development) Act 2016, and rules made thereunder (“RERA”). MAIA LLP is currently in the process of complying with RERA.

All plans, images, videos, soft furnishing/furniture, gadgets, equipment, product, building colours and technology displayed are representational only and do not form part of any agreement and are not legally binding on us. Photographs of interiors, views and the location are indicative only and may have been digitally enhanced or altered and do not represent actual views or surrounding views. The Developer reserves the right to change, delete or add any specification, amenity or plan mentioned herein based on site conditions and construction necessities without prior permission or notice. MAIA LLP makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, services, or related graphics contained on this website for any purpose.

Any action you take upon the information on this website is strictly at your own risk and neither MAIA LLP or any of its affiliates will be liable for any losses and damages occurred to you in any manner in connection with the use of this website or contents herein. In no event shall MAIA LLP be liable for any loss or damage including without limitation, indirect or consequential loss or damage arising from the use of this website. You are thus required to verify all the details of the project, with the sales team of MAIA LLP prior to buying any unit(s) in the project. You agree with this disclaimer without any qualification or limitation.

UNDERSTOOD

ET Now: Bengaluru sees 30% surge in home sales value; registers 28,000+ transactions in Q2 2024

get_the_title()

Bangalore Real Estate Market: The ongoing infrastructure projects including the development of IT parks across the city, have further strengthened homebuyers’ sentiment in the city, leading to a rise in demand for both commercial and residential properties.

Bangalore Real Estate:

Bengaluru’s real estate market has continued its upward trajectory with double-digit sequential growth in the second quarter of 2024. According to the latest report from Square Yards, Karnataka’s capital city registered a total of 28,356 transactions in the June quarter, marking an up of 19 per cent over the previous quarter.
The data also showed that the value of registered sales surged at an even faster rate of 30 per cent during the same period, reaching Rs 19,631 crore by the end of the June quarter.

Bengaluru Real Estate Market: Challenges

This year, the Bengaluru real estate market faced a lot of challenges including flooding and water shortages. However, despite these, the demand for homebuyers remains resilient due to increased employment opportunities. The ongoing infrastructure projects including the development of IT parks across the city, have further strengthened homebuyers’ sentiment in the city, leading to a rise in demand for both commercial and residential properties.

According to the Square Yards data, 62 percent of the transactions were for properties priced below Rs 50 lakhs, a significant 23 per cent were concentrated in the Rs 50 lakhs to Rs 1 crore range. “In terms of property size, homes ranging between 1,000 and 1,500 sq. ft. dominated the market, accounting for 48% of total transactions. This trend reflects a sustained preference for larger living spaces post-pandemic, driven by the adoption of hybrid working models by IT/ITes firms,” it added.

Bangalore Real Estate Market Outlook: Experts Speak

Commenting on the development, Mayank Ruia, Founder and CEO of MAIA Estates said, “Bengaluru’s 30 per cent jump in registered home sales value is a testament to the city’s growing appeal as a leading major metropolitan. This surge reflects the increasing demand for both premium and luxury homes, driven by the city’s robust infrastructure development, rich cultural diversity, pleasant climate, and evolving buyer preferences. With this growth, Bengaluru continues to assert itself as a hub for economic activity, further solidifying its status in the Indian real estate market.”
Pavan Kumar, Founder and CEO, of White Lotus Group, “Bengaluru’s registered home sales value has surged by 30 per cent, highlighting the city’s dynamic real estate market. This growth is fueled by strong economic conditions, a thriving IT sector, and a rising demand for homeownership. The increase in new launches, particularly in the premium and luxury segments, has significantly contributed to the rise in average prices, with nearly 75 per cent of new units in H1 2024 falling into these high-end categories while witnessing a Grade A absorption rate of 71 per cent, reflecting continued demand from IT parks and multinational corporations. As infrastructure upgrades continue and IT parks expand, Bengaluru’s residential market is expected to maintain its upward momentum, attracting more professionals and bolstering both commercial and residential demand.”

Read More

Skills

Posted on

September 10, 2024