Real Estate Market in Bangalore 2024

The real estate market in Bangalore 2024 is characterized by a dynamic and growing sector. There is high demand for homes, offices, and industrial spaces. Key areas like Whitefield and Rajarajeshwari Nagar are seeing lots of new projects. The market offers many housing options, from luxury to affordable, driven by the city's tech industry and infrastructure improvements.

Price Trends

While property prices have generally shown steady growth over the years, 2024 might see a slight correction in certain areas. The key factors influencing price are economic conditions, supply-demand dynamics, and government policies.

Here's Banaglore's real estate price trend in the last 5 years. (It can be seen that there has been an upward trend in the per sq ft prices).

A report by CREDAI and Colliers Liases Foras revealed a 19% year-on-year increase in Bangalore's residential property prices during the first quarter of 2024, the highest among eight major Indian cities. The most significant rise (32%) was observed in the periphery and outer-east micro-markets, while established IT hubs like Whitefield and KR Puram witnessed a surge in demand for larger apartments.

Rental Market Stays Strong

The rental market in Bangalore is expected to remain robust in 2024. The city's thriving job market and constant influx of migrants continue to fuel demand for rental accommodations. This trend is likely to benefit investors looking for steady rental income.

Rental trends in the last 5 years:

Emerging Trends

Several trends are shaping the way Bangalore's real estate market operates in 2024:

• Rise of Affordable Housing: With a growing young population, the demand for affordable housing is surging. Developers are increasingly focusing on building compact apartments and budget-friendly projects in peripheral areas.
• Focus on Sustainability: Eco-conscious buyers are driving demand for sustainable housing options. Developers are incorporating green building practices, energy- efficient features, and better waste management systems in their projects.

Bangalore's Real Estate market in the future

The outlook for Bangalore's real estate market in 2024 remains positive. The city's strong economic fundamentals, continued infrastructure development, and increasing investment in the IT sector are expected to propel further growth.

Here are some key predictions:

• Sustained Sales Momentum: JLL, a real estate consultancy, expects residential sales in Bangalore to reach around 300,000-315,000 units in 2024, building upon the strong performance observed in the first quarter.
• Strategic Investments: Established developers are likely to explore new markets within the city and surrounding areas to cater to the growing demand.

Prestige Group prelaunch apartment is Prestige Raintree Park.