The demand for residential housing in the city increased by 3.7% compared to the previous quarter. New residential launches in peripheral areas too increased by about 1.4%. Residential property prices have recorded a rise of 2%.
Prices for premium under-construction properties, i.e., properties whose rate is above INR 7,000 PSF, have experienced an appreciation of 3.7%. And the affordable segment, that’s properties whose rates are below INR 5000 PSF, saw a surge of 1.5% compared to the previous quarter.
When it comes to affordable properties, Attibele, Hoskote, Gunjur, Kengeri, Chandapura and the likes command a rate of less than INR 5,000 psf. While most of these areas have experienced an increase in their price, ranging from 0.2% to 6.4%, some areas like Horamavu Agara, Singasandra, Bagalur Main Road and Kaggadasapura have seen a decrease in their prices.
For properties priced anywhere between INR 5000 to Rs 7,000 PSF, you can consider Electronic City Phase-1 & Phase-2, Bannerghatta Main Road, Bellandur, Marathahalli, Devanahalli and Yelahanka. Most of these areas are concentrated either along the IT corridors or areas that experience a constant demand owing to various factors like infrastructure facilities, connectivity and availability of land.
Properties priced above Rs 7,000 PSF come under the premium category. These properties are primarily found in well-established areas like Indiranagar, JP Nagar 6th Phase, Jayanagar, Koramangala, Vijayanagar, Basavanagudi, RMV Extension Phase-2, Frazer Town, etc.
Bengalureans are now looking for larger homes. According to our data, 3 BHK witnessed the highest demand in Q1 2022, followed by 2 BHKs. However, this is slightly reversed when we look at the supply side. The supply of 2 BHKs is 1% higher than that of 3 BHKS.
Consumer demand is the highest along IT corridors. Improved connectivity in terms of the metro has also put Kanakapura Road on the list. Whitefield tops the list, followed by Sarjapur Road, Bellary Road, Electronic City, Kanakapura Road, Bannerghatta Main Road and JP Nagar.
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