Residential Demand up by 13.3% in B'luru

Bengaluru, NT Bureau: Magicbricks PropIndex Report (July - September 2023) has revealed that residential demand (searches) in Bengaluru increased 13.5% quarter on quarter (QoQ) basis.

For the third time in a row this year, Bengaluru secured its spot in the top five cities where residential demand increased sharply QoQ. At the same time, the supply (listings) reduced 9.3% QoQ, increasing the average residential prices 3.8% QoQ.

The report further revealed that 3BHK configurations gained the highest traction, commanding a share of 51% in the total residential demand during this quarter and a 44% share in the total supply.

This was followed by 2BHK configurations which held a 32% share of the demand and 42% of the supply in the city. Meanwhile, Whitefield emerged as the most preferred residential locality in Bengaluru.

Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “While the growing residential demand underscores the strong sentiment towards real estate in India, the declining supply can be attributed to various reasons such as focus on completion of under-construction projects. However, as we reflect on the impact of macro tailwinds, including the recently concluded G20 summit and the approaching festive season, it is evident that a wave of optimism is building, poised to propel the real estate sector forward in the coming months. We expect this upward trajectory to encourage potential investors who were previously on the fence.”

The report also highlighted that the average rates of ready-to-move, and under-construction properties increased 4.8% and 1.8% QoQ, respectively.