The IT sector continues to be the driving force for the residential market in Bengaluru. Despite the second and third Covid wave, Bengaluru market is able to maintain sales above the pre-Covid levels. The sales in FY 21-22 are 9% above the pre-Covid level (FY 19-20). Stable prices, developer discounts, and government support have helped uplift sales in the market. Cautious new supply was seen in the market near the IT hubs.
FY 21-22 Highlights
39.57 thousand units were sold across Bengaluru in FY 21-22 and 20.36 thousand units were launched. Sales have grown by 67% Y-O-Y and new supply has increased by 10% Y-O-Y. At the end of the financial year, the unsold stock stands at 70.93 thousand units. Declining unsold inventory has improved the market efficiency with only 22 months of overhang.
|Annual Sales |
Outer North, Outer East, and Periphery East suburbs record the highest sales in Bengaluru. Some of the most preferred locations in Bengaluru are ORR Marathalli Yemalur Jn in the Inner East suburb, Varthur Lake and Gunjur in the Outer East suburb, Bagluru Lake Village in the Periphery North suburb, and Thanisandra-Bagalur Main road in Outer North suburb.
Inner East suburb and Outer East suburb account for 35% of the total launches in FY21-22. Proximity to IT hubs is the demand driver in these suburbs. 53% of total launches in the city are in INR 30-40 lac and INR 60-80 lac cost range.
2BHK and 3BHK are the top-performing typologies in the market, contributing 84% to the total sales. With the increase in preference for larger unit size apartments, the developers are focusing on 2.5 & 3 BHK typologies in the newly launched projects. There is an increase in demand for furnished homes among buyers.
The mid-segment continues to dominate the residential market in the eastern suburbs of Bengaluru city. While the sales in the affordable segment are located in the Peripheral South suburb. 85% of the total market is concentrated in INR 20-80 lac cost bracket. INR 40-80 Lac is the most preferred ticket size.
|Central||Majestic, MG Road, Lalbaug and Richmond|
|Inner East||Marathalli, Byappanhalli-Krpuram, Mahadevpura, Koramangala and ORR Bellundur|
|Inner North||Yeshwantpur, Nagavara, ORR Banaswadi and Malleshwaram|
|Inner South||JP Nagar, Jayanagar, Banshankari and Shankarapuram|
|Inner West||Nagarabhavi, Mysore Road Circle, Rajaji Nagar and Yeshwantpur|
|Outer East||Whitefield, Kadugodi, Sarjapur-ORR, Varthur road, Gunjur, Hosa road, Bagalur, Kudlu, Marathalli, Haralur|
|OuterNorth||Kogilu Bellary road, Yelahanka, Thanisandra- Thirumanahalli, Jalahalli, Thanisanddra, Old Madras road-KR Puram, Hebbal, Jakkur, Horamavu, Hennur Bagalur, Tumkur road Bagakunte, Vidyanapura|
|Outer South||Begur, Mysore road-Uttarhalli, RR Nagar, Kanakapura road- Metro mall, Akshayanagar, Anjanpura, Bannerghatta road-Hulimavu, Kanakpura road-Thiruhalli, JP Nagar (Ph 8&9), Hosur road-Bommanhalli, Bannerghatta road-Arakere|
|Outer West||Kengeri, Peenya Industrial Estate|
|Periphery East||Sarjapur-outside railway crossing, Kannamangala, Old Madras road-Hoskote, Huskur, Whitefield-NH207, Hosa road, Attibele|
|Periphery North||Bagluru Lake Village, Devanahalli, Bangalore Hyderabad highway-Vidyanagar jn, Hennur-Kada Agahara, Rajanukunte, Horamavu|
|Periphery Sout||Kanakpura road-Thiruhalli, Electronic city, Bommasandra, Attibele, Chandapura Anekal road, Bidadi outside city limits, Kanakapura art of living, Devagere village, Bannerghatta village, Anjanpura|
Note: Saleable price and Ticket size mentioned above are excluding any additional charges