Bengaluru's residential demand grows by 6% in Oct-Nov; here's why

Residential property demand in Bengaluru between mid-October to mid-November rose by 5.97% from the same period during September and October, according to Magicbricks, a prop-tech company. The increase is driven by positive sentiment toward property investments, boosted by festive season discounts and offers.

"Traditionally, residential demand would taper off in December following the festive season. However, over the past 2-3 years, the aspiration for homeownership has remained robust, with prospective buyers actively seeking their dream homes year-round,” said Sudhir Pai, CEO of Magicbricks.

Magicbricks reported that the rise in demand was skewed toward premium housing, reflecting the broader trend in the residential real estate sector, where the luxury segment has been outperforming the affordable segment in recent years.

To match this rising demand, Magicbricks reported that the supply has surged by a staggering 55.11% since last year. Further, Bengaluru witnessed a 114% year-on-year increase in under-construction property supply between July and September 2024. The highest contributions came from Varthur and Thanisandra Main Road (87%), Sarjapura and Sarjapur Road (67%), and Yelahanka and Whitefield (58%), some of the posh localities of the city.

Bangalore continues to remain one of the most expensive cities in India for residential property purchases.