Housing prices in Bengaluru have increased by 19% year-on-year (YoY) in the January-March quarter of 2024. It was the highest increase in residential prices among the eight cities, according to the report. "Within Bengaluru, the periphery and outer-east micro market saw the steepest upward movement at 32% YoY increase. It was followed by the periphery and outer-north with 18% annual growth in average housing prices. Key IT hubs like Whitefield and KR Puram witnessed notable demand for spacious units, particularly 3BHK and 4BHK configurations," the report says.
Vimal Nadar, Senior Director and Head of Research, Colliers India, says, "Bengaluru promises to be a fast-emerging city in terms of wealth accumulation and growth in millionaire population. As a growing economic hub, Bengaluru has seen significant launches in luxury residential projects, especially in the Periphery & Outer North micro market. Residential developers are likely to further capitalize on the growing demand in the luxury/ultra-luxury segment and launch more upscale projects catering to the discerning tastes of affluent homebuyers.
Delhi-NCR came second as housing prices in the northern region have risen by 16% YoY in Q1. "In Delhi NCR , housing prices saw a substantial annual increase of 16%, with Dwarka Expressway, notably witnessing a 23% increase in average capital values. With a significant number of new launches, the trend is likely to continue in residential catchment areas along Dwarka Expressway throughout 2024, the report added.
