Aerial view of Benglauru city around Rajarajeshwari Nagar area.
Credit; DH Photo/Pushkar
Bengaluru: During the July-September 2024 quarter, a total of 25,259 residential units, including apartments and plots, were registered with the Inspector General of Registration (IGR) in Bengaluru, according to data put out on Wednesday by integrated realty marketplace platform Square Yards.
Contrary to the many reports of Bengaluru’s soaring realty, this figure reflects a slight year-on-year (YoY) decrease of 8 per cent compared to the same period in 2023 and a quarter-on-quarter (QoQ) decrease of 11 per cent compared to the April-June quarter this year.
“Bengaluru's residential market has seen a modest moderation in transaction momentum in the July-September 2024 quarter, a natural adjustment following a period of rapid growth,” said Sopan Gupta, Principal Partner, Square Yards.
He added, “During the festive season, we've seen heightened homebuyer interest, and as registrations generally complete within three to six months post-booking, we anticipate this demand to manifest in the upcoming quarters.”
The sales value for these properties amounted to Rs 15,739 crore, also marking a 15 per cent YoY decline and 20 per cent QoQ decline. Consequently, the average home sales value saw a yearly reduction of 7 per cent and quarterly decrease of 10 per cent, with the current average home price in Bengaluru standing at Rs 62 lakh.
Anand Moorthy, co-founder and Chief Business Officer, Capital Market and Services, Square Yards, explained to DH, “Prices are seeing a dip because the launched projects are new in distant areas where urbanisation has not yet happened and people do not want to buy there as of now.”
The report highlighted North Bengaluru to be the city's most active region, accounting for 40 per cent of registered transactions during the September 2024 quarter, with South Bengaluru following with 25% share. This also comes in contrast to a previous report pointing to South Bengaluru’s dominance in residential realty.
“North and South are both very large land banks. Square Yards focuses on the units that people are registering for, not what they aspire to buy,” added Moorthy.
In the quarter, 86 per cent of property transactions in Bengaluru were concentrated in the price bracket below Rs 1 crore.
Among developers, Embassy Group led with the highest home sales value, with Prestige Group close behind. In terms of transaction volume, Artha Property and Tata Realty held the lead.