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Bengaluru, the country's IT capital, is the only real estate market that witnessed an 81% decline in sales of luxury housing units priced Rs4 crore and above in 2024. There is a drop in launches and a focus on the mid-end and premium segment, according to a report by CBRE.
The report said Bengaluru saw only 50 sales of luxury units (over Rs4 crore) in 2023, down from 265 units in 2023.While, the top 7 cities witnessed a 53% annual sales growth from 12,895 units in 2023 to 19,700 units in 2024, Bengaluru stood out as the only city that continued to witness luxury housing sales dip compared to the first half of 2024.
According to the consultant, a mere 10 luxury residential units priced Rs4 crore and above were sold in Bengaluru during January-June 2024, compared to 200 units in the same period the previous year. The significantly low number of luxury housing unit launches in Bengaluru can be attributed to rising land and construction costs and a focus on catering to the growing mid-end and premium housing segments.
This can also be attributed to a huge supply of luxury inventories. Luxury housing in Bengaluru is generally exceeding Rs4 crore, with prime localities such as Koramangala, Whitefield, Sadashivanagar, and North Bengaluru leading in launches.
These areas continue to attract buyers due to their excellent infrastructure, proximity to business districts, and premium lifestyle offerings. On the other hand, premium housing, typically ranging between Rs2 crore and Rs4 crore, is thriving in neighborhoods like Indiranagar and JP Nagar in the south and select pockets along the Outer Ring Road.
