Report claims 11.2 percent growth in Bengaluru’s premium residential realty market

Bengaluru: A report has claimed that Bengaluru’s residential real estate sector is demonstrating resilience and showing sophistication across all price categories.

The recently released Bangalore Premium CY24 Report by NKlusive claims that the market environment is thriving and is characterized by robust premium sector performance, rising aspirational demand, and a shift in buyer preferences toward lifestyle-driven housing.

The report says that while the affordable segment (<₹7,000 per sft) showed a modest fall in sales and signs of saturation, the premium category (₹7,000-15,000 per sft) emerged as the primary growth driver, accounting for more than 52.8 percent of the total market supply in 2024.

Premium home launches increased by 16.3 percent year-on-year (YoY) to 94,126 units, with strong end-user demand maintaining absorption at a healthy 53 percent, it adds.

The luxury and Uber luxury sectors continued to see high price increases, backed by increased affluence and the appeal of lifestyle-driven homes, it claimed and added that these categories have also seen a move toward compact luxury formats, particularly in East and Central Bengaluru, making high-end living more accessible to a wider range of upwardly mobile customers.

Key market trends highlighted in the report include:

• 4 percent YoY price appreciation in the premium segment, with WAP rising from ₹13,284 to ₹14,000 per sq. ft.
• Increased preference for 3 and 3.5 BHK configurations, driven by work-from-home lifestyles and nuclear family needs.
• Balanced demand-supply dynamics, particularly in micro-markets such as Whitefield and North Bengaluru.
• High absorption in premium units, with 3 BHKs leading both in supply and sales.

Overall, a more varied, stable, and opportunity-rich housing ecosystem is being fostered by Bengaluru’s changing buyer tastes, steady infrastructure development, and growing disposable incomes.

The year 2024 has confirmed Bengaluru’s standing as one of India’s most vibrant and resilient residential markets, which is good news for developers, investors, and homeowners, the report adds, in conclusion.