B'luru’s residential market sees surge in luxury housing sales

NT Correspondent

Bengaluru: Bengaluru’s residential real estate market has experienced a 2 per cent increase in housing sales compared to 2023, fueled by a sharp rise in demand for luxury housing, particularly units priced between Rs 2 crore and Rs 5 crore, as per Knight Frank India’s latest report. The city recorded the sale of 55,362 housing units in 2024, up from 54,046 units the previous year. This uptick has spurred a decade-high surge in new launches, with developers focusing on luxury and ultra-premium segments.

A total of 56,014 units were launched in 2024, marking a 10 per cent year-onyear increase, highlighting the influx of premium projects into the market. The Rs 2-5 crore segment showed the highest growth in Bengaluru’s residential sector, with sales soaring by 91 per cent year-on-year to 9,584 units in 2024, up from 5,014 units in 2023. Key areas driving this growth include South Bengaluru neighbourhoods such as Kanakapura Road, JP Nagar, Bannerghatta Road, and Electronic City.

Knight Frank report also revealed that Bengaluru leads residential sales in the Rs 1-2 crore price segment among India’s eight major cities. In 2024, the city sold 19,744 units in this category, contributing 22 per cent of the total 90,814 units sold across these cities. This segment witnessed a 45 per cent ear-on-year.