The IT hub has emerged as the top residential real estate market, with 18,550 units sold in the last financial quarter, according to a Thursday report from JLL Research’s Real Estate Intelligence Service (REIS).
The report highlights a nearly 45% increase in new launches in Bengaluru, totaling 16,537 units.
The city’s robust property demand is driven by the thriving IT sector, ongoing infrastructure upgrades, and a favorable business environment, attracting numerous national and regional developers. This has led to a steady stream of new projects each quarter, noted Rahul Arora, Senior Managing Director for Karnataka and Kerala at JLL India.
In Bengaluru, Whitefield was the leading area for new launches, accounting for 47% of the total, followed by Hosur Road and Bellary Road.
The upper-mid segment of apartments, priced between Rs 1 crore and Rs 3 crore, dominated the market with a 62% share in the last financial quarter.
“Whitefield remains a top choice due to its expanding office sector and the recent extension of the Namma Metro. The corridor linking Whitefield to Kempegowda International Airport via Budigere Cross has attracted numerous well-known developers, who are focusing on projects in the Rs 1 crore to Rs 3 crore price range,” Arora said.
Samantak Das, Chief Economist and Head of Research and REIS at JLL India, noted that about 25% of Bengaluru’s sales came from projects launched in the first half of the year, reflecting strong buyer confidence. He also mentioned a noticeable decrease in unsold inventory.
According to Anarock data released in April 2024, the surge in rental housing demand across major cities has led to a rise in average rental values and rental yields. Bengaluru, with its IT-driven market, topped the list with a rental yield of 4.45% in Q1 2024. This represents a 24% increase from the pre-COVID rental yield of 3.6% in 2019, driven by strong post-pandemic demand and the return of IT companies to office settings.