Bengaluru's Residential Market Soars Amidst Challenges

Bengaluru's housing market is experiencing solid growth with 28,356 transactions in Q2 2024, a 19% rise from the previous quarter. Despite challenges like flooding and water shortages, demand remains strong, fueled by the IT sector and hybrid work models. Northern suburbs are emerging as new hotspots.

Bengaluru's residential market has shown remarkable growth, as indicated by a recent report from Square Yards, an integrated platform for real estate and mortgages. The report noted that registered transactions in Q2 2024 totaled 28,356, representing a 19% rise from the previous quarter.

Despite facing adversities such as flooding and water shortages, the demand for housing has remained robust. This resilience is attributed to the strengthening IT sector and the increasing prevalence of both full-time and hybrid work arrangements, according to Sopan Gupta, Principal Partner at Square Yards.

Gupta also highlighted that while east and southern suburbs continue to attract buyers, the northern suburbs are quickly gaining popularity for both apartments and plots. He further noted that branded developers delivering quality projects are seeing successful launches with quick uptake.