Bengaluru Home Sales Dip in Q1 2024 as Affordable Housing Segment Shrinks
According to a research by real estate consulting firm Knight Frank, Bengaluru’s housing sales fell to 13,133 units in the first quarter of 2024, a 2 percent decrease from the same time the previous year. This decline was caused by a substantial decline in the affordable housing market.
“The primary cause of this is a decrease in the housing segment selling for less than Rs 50 lakh, which fell by over 68 percent in Q1. Vivek Rathi, head of research at Knight Frank India, stated on April 4 that “the Rs 50 lakh-Rs 1 crore segment has grown by 8 percent, while the sales in ticket sizes above Rs 1 crore have spiked the most.”
Over the past few quarters, Bengaluru’s property sales have plateaued, and buyers are reevaluating their plans in light of the growing water issue caused by unplanned expansion in the IT city.
In the first half of 2023, the city witnessed a further 2 percent decline in sales, to 26,247 units. According to earlier figures, the city’s overall sales increased by 1% to 54,046 units in 2023.
