- Average residential prices increased 1.6% QoQ
- Preference for bigger homes with 3BHK constituting 49% of the total demand and 43% of the total supply
In Bengaluru, demand (searches) for residential real estate increased 18.8% QoQ, supply (listings) grew by 6.7% QoQ and average property prices increased 1.6% QoQ, revealed Magicbricks’ PropIndex Report Q2, 2022.
Further, 3 BHK configurations dominated Bengaluru’s residential market, accounting for 49% and 43% of the demand and supply, respectively. Properties priced in the range of INR 5,000 – 7,500 psf observed 46% demand in Q2 2022, against a share of 50% in supply.
The report also observed that the demand for the affordable segment under INR 5,000 psf is more as compared to the supply, underlining the shortage of affordable housing in Bengaluru’s residential market.
Commenting on the trend, Sudhir Pai, CEO, Magicbricks shared, “Across India, the rise in residential demand is reflective of economic recovery and income stabilisation. This is also fuelled by families returning to metros as offices and educational institutions reopen. While growing inflation, disruption of the global supply chain and increase in input cost of materials & mortgage rates are pushing up the prices, overall, we are seeing buyer’s confidence and expect India’s residential market to continue growing over the next few quarters as well.”
The report identified that eastern localities in Bengaluru such as Whitefield and Sarjapur Road which are well connected to employment hubs like Electronic City and Kanakpura Road, continue to be the most preferred locality for homebuyers.