According to the report, while the affordable segment (<₹7,000 per square foot (psf) showed a modest fall in sales and signs of saturation, the premium category (₹7,000 to ₹15,000 psf) accounted for more than 52.8% of the total market supply in 2024.
| Photo Credit: k BHAGYA PRAKASH
Premium residential category emerged as the growth driver of Bengaluru’s residential real estate sector in 2024, says a report by real estate consultancy NKlusive.
According to the report, while the affordable segment (<₹7,000 per square foot (psf)) showed a modest fall in sales and signs of saturation, the premium category (₹7,000 to 15,000 psf) accounted for more than 52.8% of the total market supply in 2024. Premium home launches increased by 16.3% year-on-year to 94,126 units, with strong end-user demand maintaining absorption at 53%.
Rising aspirations
“The findings point to a thriving market environment characterised by robust premium sector performance, rising aspirational demand, and a shift in buyer preferences toward lifestyle-driven housing,” said a statement from the company.
The report pointed out that the luxury and uber luxury sectors continued to see high-price increases, backed by increased affluence and the appeal of lifestyle-driven homes.
“These categories have also seen a move toward compact luxury formats, particularly in East and Central Bengaluru, making high-end living more accessible to a wider range of upwardly mobile customers,” it said.
Demand for 3 BHK
As per the report, the premium segment recorded a 4% YoY price appreciation, with Weighted Average Price rising from ₹13,284 to ₹14,000 per sq. ft. Increased preference for 3 and 3.5 BHK configurations, driven by work-from-home lifestyles and nuclear family needs was observed during the year. The report also suggested balanced demand-supply dynamics, particularly in micro-markets like Whitefield and North Bengaluru.
“Overall, a more varied, stable, and opportunity-rich housing ecosystem is being fostered by Bengaluru’s changing buyer tastes, steady infrastructure development, and growing disposable incomes. The year 2024 has confirmed Bengaluru’s standing as one of India’s most vibrant and resilient residential markets, which is good news for developers, investors, and homeowners,” it said.
Published – May 30, 2025 10:29 pm IST
