Over the past year, the market has experienced numerous fluctuations. From floods to water shortages and changes in government, along with policy alterations and administrative hurdles, challenges have been abundant. However, despite these obstacles, growth persisted, thanks to various factors such as supportive government measures, reduced interest rates, and the increased demand for larger homes driven by the pandemic. It's evident that India's real estate sector is flourishing, and the outlook appears promising.
Here are some noteworthy figures from the Bangalore market:
The market has experienced a 13% year-over-year growth, resulting in a total of ~70 thousand crores in the year 2023. The average price of new launches were approx 22% higher compared to last year approximately at 7800 psf. The average price of absorption was about 17% higher at approx 7500 psf.
On the developer's side:
Prestige holds a 15% market share with revenues totaling 11,500 Crores. Brigade, Sobha, Godrej, and Purva each hover around the 3000 Crore mark. Notable departures from the top 10 developers list include Swoparnika, Salarpuria Sattva, and GM Infinite and new additions to the top 10 list include Modern Spaaces, Sumadhura, and Total Environment. In the previous year, achieving sales of 500 Crores would have secured a developer the 15th position, but by the current year, there were 29 developers in the 500 Crore club. Top launches of Bangalore were: Park Grove in Whitefield, Prestige Lavender Fields in Varthur, Lodha Mirabele in Thanisandra and Rohan Ekanata in Gunjur.
Here are some noteworthy figures from the Bangalore market:
The market has experienced a 13% year-over-year growth, resulting in a total of ~70 thousand crores in the year 2023. The average price of new launches were approx 22% higher compared to last year approximately at 7800 psf. The average price of absorption was about 17% higher at approx 7500 psf.
On the developer's side:
Prestige holds a 15% market share with revenues totaling 11,500 Crores. Brigade, Sobha, Godrej, and Purva each hover around the 3000 Crore mark. Notable departures from the top 10 developers list include Swoparnika, Salarpuria Sattva, and GM Infinite and new additions to the top 10 list include Modern Spaaces, Sumadhura, and Total Environment. In the previous year, achieving sales of 500 Crores would have secured a developer the 15th position, but by the current year, there were 29 developers in the 500 Crore club. Top launches of Bangalore were: Park Grove in Whitefield, Prestige Lavender Fields in Varthur, Lodha Mirabele in Thanisandra and Rohan Ekanata in Gunjur.
The Bangalore Market has been highly skewed towards the East Side with Entire East (SE+NE) contributing to 83% supply and 81% absorption. The key micromarkets in North side of Bangalore were Thanisandra, Bagalur with Devanahalli and Nandi Hills for Plots. East was dominated by Whitefield, Varthur, Gunjur, Panthur and for plots it was Hoskote. South was dominated by the Sarjapur Road, Electronic City and Jigani.
While the entire market is dominated by top players, but there are few developers like Maia Estates in Central Bangalore and Casa Grand in South West who were among top performers in apartments micromarket, similarly Modern Spaaces, Good Earth, TBC, Whitehill, Konig, NG Developers, Tifecta, Radiance and ATCO made their mark in Villas and Elite Estates, KNS, Address Makers and Pioneer made their mark in Plots.
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