Real Estate Market in Bangalore 2024
The Real Estate Market in Bangalore in 2024 is increasing. The city, known as the Silicon Valley of India, is experiencing a surge in property demand driven by the IT sector, start-up culture, and remote work.
In 2024, the market size of the Real Estate Industry in our country is estimated at USD 0.33 trillion and is expected to reach USD 1.04 trillion by 2029. The residential market in Bengaluru, which is projected to grow by 5% annually, is the second-best market out of the 24 markets.
Bangalore’s property demand was 8.3% higher in Q1 of 2024 than the previous quarter. The average property price in Bangalore has surged from Rs 7291 per sqft to Rs 9092 per sqft.
When we compare Bangalore with other cities, Bengaluru is expected to be the most opted property investment destination for non residents, followed by Ahmedabad, Pune, Chennai, Goa, Delhi, and Dehradun.
Now, let’s look at different localities within Bangalore. South Bengaluru has seen an increase in demand in the last two quarters and has maintained its status as the top choice for home buyers. The demand increase has been due to good connectivity to major IT parks and upgraded social and commercial infrastructure4. Localities that remained in trend in Q1 2024 are Sarjapur Road, Whitefield, and Electronic City.
In Q1 of 2024, 46% of Bengaluru citizens preferred 3BHK units, whereas 45% of buyers preferred 2BHKs4. Mid-segment properties ranging from 1250 to 2000 sqft (INR 5,000 – 7,500 per square foot) continue to dominate, accounting for a 43% share of the total demand against a 38% share of the supply.
To add up, the real estate market in Bangalore city is developing in 2024, with a positive outlook for the future. The city’s robust IT sector, start-up culture, and infrastructure development are driving this growth. Whether you’re a homebuyer or an investor, Bangalore’s real estate market has a wealth of opportunities.
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