Bengaluru, India's tech hub, has reclaimed its title as the country's leading residential real estate market, according to a recent JLL Research report. In the second quarter of 2024, the city saw the highest number of new unit launches (16,537) and sales (18,550) among major Indian cities.

Factors Fueling Bengaluru's Real Estate Growth:

• Thriving IT Sector: The city's robust IT industry continues to attract professionals and investors, driving demand for housing.

• Infrastructure Advancements: Ongoing infrastructure projects like the Namma Metro expansion and the Whitefield-Kempegowda International Airport corridor development are enhancing connectivity and attracting real estate investment.

• Business-Friendly Environment: Bengaluru's supportive business climate fosters growth and encourages real estate development.

Whitefield: A Real Estate Hotspot:

Whitefield, a prominent IT hub, led the city's new launches in Q2, accounting for 47% of the total. The area's appeal stems from its proximity to major tech parks, expanding office spaces, and recently improved metro connectivity.

Luxury Segment Witnesses Significant Growth:

While the upper-mid segment (₹1 crore - ₹3 crore) dominated new launches and sales, the premium segment (₹3 crore - ₹5 crore) saw an impressive year-over-year growth of over 200% in H1 2024, indicating a strong appetite for luxury apartments in the city.

Unsold Inventory Decreases:

Bengaluru's unsold inventory decreased by 21% year-over-year, reflecting healthy buyer sentiment and the market's ability to absorb new supply.

Future Outlook:

With sustained demand, ongoing infrastructure development, and a favorable business environment, Bengaluru's residential real estate market is expected to maintain its upward trajectory.

-source: thehindubusinessline.com