L&T sold properties worth Rs 1,004 cr in Bengaluru in Q4CY23, highest in the city: Data

In Q4, CY2023, North Bengaluru recorded sales of Rs 4563.7 crore surpassing central and east Bengaluru at Rs 3009.4 crore and Rs 2253.1 crore respectively.

Between October and December 2023, Larsen & Toubro Limited (L&T) sold properties worth Rs 1,004 crore in Bengaluru, its highest in the city, according to data from Inspector General of Registration Karnataka.

Prestige Group clocked the highest number of units registered in the same quarter, with 276 units, followed by Sobha Group at 218 transactions, the data added.

Bengaluru's residential market recorded 17,730 transactions amounting to Rs 14,436 crore, as per Square Yards Data Intelligence for property registered by Inspector General of Registration (IGR), Karnataka.

Phoenix Mills claimed the second spot, capitalising on the demand for mid-segment and luxury homes, with sales worth Rs 307 crore. Godrej Properties, Embassy Group, and Birla Estates were other developers who had a similar run in the October-December quarter.

Among the top 10 developers in Q4 CY23, local players like Sattva Group sold Rs 92.3 crore, Modern Spaaces transacted Rs 108.9 crore, and Sowparnika Projects clocked Rs 72.3 crore.

Square Yards said there is a clear inclination towards the affordable segment properties below Rs 50 lakh, comprising 48 percent of the total transactions.

This trend aligns with the increase in property prices in Bengaluru to the tune of 5 percent annually.

Properties valued at Rs 50 lakh to 1 crore witnessed a slight Q-o-Q uptick in Q4CY23 at 34 percent, underscoring the preference towards mid-segment homes.

Further, the luxury and ultra-luxury segment also increased from 15 percent in Q3 to 18 percent in Q4, indicating an increasing shift towards high-end properties.

In Q4CY23, North Bengaluru recorded sales of Rs 4,563.7 crore surpassing central and east Bengaluru at Rs 3,009.4 crore and Rs 2,253.1 crore respectively.

L&T dominated the top projects category by sale value with its L&T Raintree Boulevard project amassing Rs 1,019 crore, whereas Birla Estates led in terms of transactions, with 207 units registered. Phoenix Mills also stood out in terms of volume in this quarter, making the most of the surge in housing demand.

South Bengaluru with its strong social infrastructure, IT hubs like Koramangala and strong connectivity via Sarjapur Road and Kanakpura Road, recorded the highest transactions at 5,866.

While both northern and southern micro-markets share similar investment potential due to their employment opportunities and superb livability index, the recent IT/ITeS boom and SEZ development have propelled North Bengaluru to the forefront of the investment race.

The last quarter of 2023 also saw significant success in East and Central Bengaluru. Krishnarajapura, JP Nagar, Whitefield, Electronic City, and Sahakara Nagar emerged as top choices for prospective buyers in Bengaluru.