Bangalore House Sale: Luxury home sales in Bengaluru record 142% increase this year | Bengaluru News

BENGALURU: Sales of luxury homes, priced more than Rs 1.5 crore, saw a 142% jump in Bengaluru in the first nine months of this calendar year. A record 9,220 luxury homes were sold in the city between January and September this year, up from 3,810 homes sold in the same period in 2022, according to data from Anarock, a property consultation firm, on luxury home sales in seven cities, including Bengaluru.
About 84,400 units were sold till the end of September in the seven cities. Among the big cities, Hyderabad saw a more significant jump, 260%, while Chennai saw a 143% increase. More mature markets like Mumbai (MMR) and NCR saw more stable growth.

According to data, nearly 3.5 lakh housing units were sold in these seven cities in the first nine months of 2023 and of them 24%, or approximately 84,400 units, were luxury homes priced more than Rs 1.5 crore. Bengaluru saw around 47,100 units sold across all budget categories in the first nine months of 2023, of which the share of luxury dwellings stood at 20%.
Multiple real estate agents and a few real estate firms TOI spoke with said spacious homes were preferred by many after their work-from-home experience during the Covid-19 pandemic, while increasing rental cost is pushes individuals to buy homes rather than living in rental accommodation.
Kishore Jain, chairman of Confederation of Real Estate Developers' Association of India (CREDAI), Bengaluru, said there is a great demand for luxury homes in Bengaluru due to multiple reasons. Before Covid-19, people would prefer 2BHK homes, but now the trend has changed and all spacious and luxurious homes available with builders have been sold, whereas there are not many takers for 2BHK homes.
"After Covid-19, the public realised the importance of owning a home. They preferred to have all facilities in the home, including work-from-home facility, gardening to home theatre. So, there is a demand for luxury homes and an increase in the sale of such homes," said Jain.
Property tech firm NoBroker's half-yearly report also revealed that there is a growing trend in Bengaluru and Chennai to seek larger living spaces, with a striking 27% looking for more expansive homes.
Demand for 3 BHK units is consistently beating demand for 2 BHK units. "With home loan EMIs getting close to rental rates, 65% of tenants are considering buying a property this year, reflecting an optimistic view of real estate market stability and growth...," the NoBroker report stated.