Bengaluru Tops In India’s Apartment Market Sales In 2023 Quarter 2
This blog highlights Bengaluru’s significant contribution to India’s apartment market, with a remarkable sale of 21% among 64,547 units in Q2 2023, reflecting a 4% quarter-on-quarter growth. Middle-class projects, priced between Rs. 350 and Rs. 75 Lakh, dominated half-yearly sales, capturing a 24% share.
The premium segment, exceeding Rs. 1.5 Cr, constituted approximately 21% of total sales. Affordable apartments saw a decline from 29% in H1 2022 to 19% in H1 2023. Premium segment prices surged, leading to a substantial growth in premium apartment sales.
In the Rs. 1 Cr to Rs. 1.5 Cr category, sales witnessed a remarkable 67% year-on-year growth in H1 2023. Bengaluru secured the third-highest share with 15%, trailing behind Pune and Mumbai.
Overall, Bengaluru played a pivotal role, claiming a 21% share, followed by Mumbai and Pune. Q2 2023 witnessed an unsold inventory of around 524,000 units across India’s top 7 cities, with Mumbai, Hyderabad, and Bengaluru collectively constituting 63% of the unsold stock.
