Bengaluru, July 4 (IANS) India’s Silicon Valley saw average residential prices surge by 57 per cent in the last five years and considering the current trends, residential launches and sales in the city are expected to rise by 10-15 per cent by the end of this year compared to 2023, a report said on Thursday.
Average capital values are projected to witness a moderate appreciation of 10 per cent across the city, with prime locations and established tech corridors potentially experiencing steeper growth, according to the Anarock report.
“Average residential prices in the city stood at Rs 7,800 per sq feet by the first half (H1) of 2024 end against Rs 4,960 per sq feet at H1 2019 end,” said Dr Prashant Thakur, Regional Director and Head-Research, Anarock Group.
Bengaluru also saw the highest jump of 32 per cent (year-on-year) — from Rs 5,900 sq feet by H1 2023-end to Rs 7,800 per sq feet by H1 2024-end.
Nearly 32,500 units were launched in H1 2024 – up 30 per cent against H1 2023 and the premium segment (Rs 80 lakh-Rs 1.5 crore) dominated new launches with 39 per cent overall share, followed by the luxury segment (Rs 1.5 crore and above) with 36 per cent share.
“Increased new launches in Bengaluru’s premium and luxury segments in H1 2024 also contributed to the rise in average prices,” said Dr Thakur.
By the end of the first half of 2024, Bengaluru’s available stock stood at about 45,420 units.
Bengaluru’s office space demand also surged since 2020. Average office rentals across key markets last year witnessed yearly growth of 4-8 per cent.
The report also highlighted Bengaluru’s pressing urban challenges, like traffic congestion, water scarcity, air pollution, waste management deficit and increasing urban sprawl leading to flooding.
–IANS
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