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In the real estate market of Bengaluru, the last quarter of 2023 witnessed a rise in sales, marking significant shifts in property preferences and investment patterns. Larsen & Toubro (L&T) emerged as the top seller in Bengaluru's residential real estate market during the last quarter of 2023 (October-December). Between October and December 2023, Larsen & Toubro Limited (L&T) alone sold properties worth INR 1,004 crore in Bengaluru, its highest in the city, according to data from the Inspector General of Registration Karnataka. Additionally, Prestige Group clocked the highest number of units registered in the same quarter, with 276 units, followed by Sobha Group at 218 transactions.
Bengaluru's residential market recorded 17,730 transactions amounting to INR 14,436 crore, per Square Yards Data Intelligence for property registered by the Inspector General of Registration (IGR), Karnataka. Phoenix Mills claimed the second spot with sales worth INR 307 crore. Godrej Properties, Embassy Group, and Birla Estates were other developers who had a similar run in the October-December quarter.
Square Yards said there is a clear inclination towards the affordable segment properties below INR 50 lakh, comprising 48 percent of the total transactions. This trend aligns with the increase in property prices in Bengaluru to 5 percent annually.
Properties valued at INR 50 lakh to 1 crore witnessed a slight Q-o-Q uptick in Q4CY23 at 34 percent, underscoring the preference towards mid-segment homes. Further, the luxury and ultra-luxury segment also increased from 15 percent in Q3 to 18 percent in Q4, indicating an increasing shift towards high-end properties.
In Q4CY23, North Bengaluru recorded sales of INR 4,563.7 crore surpassing central and east Bengaluru at INR 3,009.4 crore and INR 2,253.1 crore respectively. L&T dominated the top projects category by sale value with its L&T Raintree Boulevard project amassing INR 1,019 crore, whereas Birla Estates led transactions, with 207 units registered. Phoenix Mills also stood out in terms of volume in this quarter, making the most of the surge in housing demand.
South Bengaluru with its strong social infrastructure, IT hubs like Koramangala, and strong connectivity via Sarjapur Road and Kanakpura Road, recorded the highest transactions at 5,866. While both northern and southern micro-markets share similar investment potential due to their employment opportunities and superb livability index, the recent IT/ITeS boom and SEZ development have propelled North Bengaluru to the forefront of the investment race.
The last quarter of 2023 also saw significant success in East and Central Bengaluru. Krishnarajapura, JP Nagar, Whitefield, Electronic City, and Sahakara Nagar emerged as top choices for prospective buyers in Bengaluru. Among the top 10 developers in Q4 CY23, local players like Sattva Group sold INR 92.3 crore, Modern Spaaces transacted INR 108.9 crore, and Sowparnika Projects clocked INR 72.3 crore.
In conclusion, Bengaluru's real estate sector not only reflects the city's dynamic growth but also mirrors the evolving preferences and aspirations of its residents. As the city continues to evolve, its property market remains a fascinating arena of innovation, diversity, and opportunity.
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