The report also pointed out that new launches in the city increased by almost 45 per cent, with 16,537 units.
The IT hub has emerged as the leading residential real estate market, with a sale of 18,550 units last financial quarter, according to a report from Real Estate Intelligence Service (REIS) of JLL Research on Thursday.
The report also pointed out that new launches in Bengaluru increased by almost 45 per cent, with 16,537 units.
Sustained demand for property in Bengaluru supported by the booming IT sector, infrastructure upgradation programmes and conducive business environment has been attracting several national and regional developers to the city, resulting in healthy launches every quarter, said Rahul Arora, senior managing director (Karnataka & Kerala), JLL India.
According to him, in Bengaluru, Whitefield contributed 47 per cent of the new launches, followed closely by Hosur Road and Bellary Road.
The upper-mid segment apartments (priced between Rs 1 crore and Rs 3 crore) held a dominant 62 per cent share in the last financial quarter.
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Whitefield Trends
“Whitefield continues to hold its dominant position driven by its office sector expansion and recent extension of the Namma Metro. The corridor connecting Whitefield to Kempegowda International Airport through Budigere Cross has attracted several reputed developers who have announced projects largely within a ticket price range of Rs 1 crore and Rs 3 crore,” said Arora.
“Interestingly, around 25 per cent of Bengaluru’s sales were contributed by projects launched during the first six months of the year, signalling strong buyer confidence in such developments,” said Samantak Das, chief economist and head of research and REIS, India, JLL, adding that the city’s unsold inventory too registered a perceptible dip.
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According to Anarock data released in April 2024, with a steep rise in rental housing demand in the top cities, average rental values have soared and rental yields – the annual ROI investors earn from capital invested in a property – have been heading steadily north. Data indicated that as before, IT-dominated Bengaluru topped the list with a rental yield of 4.45% in Q1 2024.
Backed by strong post-pandemic rental demand, rental values in the city’s key areas have been rising inexorably after IT companies’ return to office call. Bengaluru’s rental yield in pre-Covid 2019 stood at 3.6%, which amounts to a growth of 24% in this period.
