In Bengaluru, residential property sales surged in the first quarter of 2024, particularly in the luxury sector. Anaroc reports 17,785 units sold, comprising 1,380 affordable, 12,950 mid-high, and 3,455 luxury units, indicating a significant market trend towards upscale properties.
Bengaluru, Delhi-NCR sees a good hike in property sales.
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Bengaluru: The residential properties in Bengaluru witnessed a sharp increase in sales and new launches in the first quarter of 2024, with a notable skew in the luxury sector. Totaling 17,785 units sold in various segments in Bengaluru during the period, as per the latest information from property consultancy Anarock. Breaking down the sales figures, 1,380 were sold in the affordable segment, 12,950 in the mid-high segment, and 3,455 in the luxury segment.
Significant change in property buying trends over last five years
Considering these figures for all trends, luxury homes priced above Rs 1.5 Cr accounted for 21 per cent of the total sales share in the top 7 cities, with around 27,070 sold at approximately 1,30,170, which marks a significant change from what it was five years ago when luxury homes had a share of just 4 per cent.
Delhi-NCR achieved highest sales growth
Anarock Group Chairman, Anuj Puri noted that while affordable properties in the top 7 cities account for 20% of the total sales share, mid-range and luxury properties were the winners, representing about 59% of the total sales share. The city survey revealed interesting patterns, with Bengaluru, Mumbai Metropolitan Region (MMR), Chennai, Pune, and Hyderabad seeing the highest sales growth in mid-range and luxury properties during the first quarter of 2024. On the other hand, Delhi-NCR achieved the highest sales growth in luxury properties, accounting to 39 per cent of the total sales share.
Decline in affordable housing segment
Meanwhile, the decline in the affordable housing segment, which began during the pandemic, persists as a broader trend. The revival of affordable housing hinges on government incentives for both buyers and developers.
Puri further went on to explain that luxury homes are booming due to the increasing demand for luxury homes in good locations offered by renowned developers. In contrast, affordable housing faces challenges due to declining ticket numbers, especially due to a trend set up during the pandemic.
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