BENGALURU: Bengaluru records the third most significant quarter-on-quarter (Q-o-Q) surge in new residential property launches, according to the third quarter data released by property consulting firm Anarock. According to the Q3 report, Bengaluru ranks third in terms of housing sales among the top seven Indian cities, and possesses the third lowest available inventory, trailing behind Chennai and Kolkata.
In Q3, 14,800 units were launched, and the available inventory stood at 49,300 units. The average quoted base selling price was Rs 6,275 per sqft and 16,400 units were sold. Of the 14,800 units launched, 64 per cent fell in the Rs 80 lakh - Rs 1.5 crore category, and properties less than Rs 40 lakh were just one per cent.
Bengaluru’s residential real estate outlook is expected to remain robust, driven by its status as India’s IT and technology hub, which attracts a diverse professional workforce and ensures a consistent demand for housing, according to the Anarock report.
Bengaluru’s forward-looking approach, characterized by ongoing development and strategic infrastructure projects, is poised to significantly enhance city-wide connectivity and accessibility.
These initiatives are anticipated to streamline daily life and enhance the overall living experience for residents. Bengaluru is likely to sustain strong demand in the residential real estate sector, solidifying its position as an attractive market for future investment and development in the coming quarters, the report added.