Prime residential launches in Bengaluru more than doubled in Q3
Almost all of the launches were in the Whitefield submarket.
According to JLL, new launches in Bengaluru’s luxury residential segment rose by 129% q-o-q, with over 90% of new launches recorded in the Whitefield submarket, followed by Hosur Road.
Prestige Park Grove, Prestige Serenity Shores, Orchid Platinum, JRC Wild Woods 2 and The Grand Strand Address are among the significant new launches in the city in the quarter.
Here’s more from JLL:
Numerous upscale project launches recently have recorded strong sales in the quarter. The increase in demand for Luxury housing was mostly driven by a growing preference for improved amenities and larger living spaces.
Bengaluru is witnessing huge interest from UHNIs and NRIs, given the attractive price levels. Whitefield has witnessed significant sales in the Luxury category, followed by the Bellary Road submarket. The momentum is anticipated to be sustained during the upcoming festive season.
Rents and capital values rise by 0.9% and 2.5% q-o-q
Gated community apartment rents have surged, especially in IT corridors like Whitefield, HSR Layout, Electronic City and Bellandur, and in areas with existing and planned metro links.
The strong sales and entry of new supply at higher prices have seen prices grow q-o-q, continuing the trend for a few quarters now. Capital values have now risen by 12.5% since last year.
Outlook: The Luxury housing market to continue its momentum
The Luxury housing segment is expected to continue to witness healthy traction with new launches, and mortgage rates are likely to have limited impact as demand is driven by an aspirational lifestyle choice.
Infrastructure additions are key to creating and developing new corridors in the city. While central locations remain in demand, Suburban locations with good connectivity and access to support infrastructure are also emerging as desirable Luxury housing hubs.
Note: Bengaluru Residential refers to Bengaluru's prime residential market.