BENGALURU: The residential market in Bengaluru has seen a sale of 55,363 units in 2024, recording an all-time high for the last decade, reveals the latest report on India Real Estate by Frank Knight India. Of this, homes in the Rs 2 crore to Rs 5 crore category were much in demand with 9,583 units sold, beating the sales in this segment in 2023 by 91%.
The report titled ‘India Real Estate: Residential and Office’ (July - December 2024) was made public on Tuesday.
The report stated that houses in the Rs 5 cr-Rs 10 cr category recorded a 58% increase in sale over the previous year, with 552 units sold while the Rs 10 cr-Rs 20 cr category was up by 20% year-on-year. “Notably price segments of Rs 1 crore and above constituted 54% of the total residential sales, reflecting a clear shift towards higher value transactions in the city’s residential market,” the report added.
There has been a price appreciation in average residential prices by 12% thereby touching Rs 6,620 Rs/sq ft in 2024.
Sarjapur Road (5,000 to 11,000 per sq ft) and K R Puram (Rs 5,200 to Rs 9,000 per sq ft) have recorded the maximum price appreciation of 10% in the second half of 2024, when compared to the first half of the year. Whitefield saw an increase of 7% with per sq ft selling at Rs 6,000-Rs 11,000.
Commercial office space
Bengaluru’s continued dominance in the commercial office market in the country continues, as it recorded one-fourth of the overall office transaction volumes across the top cities in 2024. “It achieved the highest-ever annual absorption at 18.1 million square feet, a 45% increase from 12.1 million square feet in 2023.
Bengaluru also recorded historic half-yearly office transaction volumes at 9.7 million sq ft in H2 2024, surpassing the previous best of 8.7 million sq ft during H2 2021,” the report said.
Global Capability Centres played a significant role in this growth. “The transacted volume increased by 145% year-on-year from 3.8 million square feet in 2023 to 9.3 million square feet in 2024 constituting over 50% of the overall office transaction volume in the city.