L&T Bengaluru property sales reach ₹1,004 Crore in Q4CY23

7 Mar 2024 , 11:33 AM

Inspector General of Registration Karnataka data shows that between October and December 2023, Larsen & Toubro Limited (L&T) sold properties in Bengaluru for the highest amount ever—₹1,004 Crore.

According to the data, Prestige Group recorded the most number of units in the same quarter (276), followed by Sobha Group (218).

According to Square Yards Data Intelligence, Bengaluru’s residential market saw 17,730 transactions of ₹14,436 Crore for property registered with the Inspector General of Registration (IGR), Karnataka.

Phoenix Mills, with sales of ₹307 Crore, took second place by leveraging the demand for premium and mid-segment residences. In the October-December quarter, other developers that had comparable results were Godrej Properties, Embassy Group, and Birla Estates.

Local firms such as Sattva Group sold ₹92.3 Crore, Modern Spaaces transacted ₹108.9 Crore, and Sowparnika Projects clocked ₹72.3 Crore among the top 10 developers in Q4 CY23.

With its L&T Raintree Boulevard project garnering ₹1,019 Crore, L&T dominated the top projects category by sale value, while Birla Estates lead in terms of transactions with 207 registered units. Phoenix Mills took full advantage of the spike in home demand this quarter, standing out in terms of volume as well.

With 5,866 transactions, South Bengaluru had the most, thanks to its robust social infrastructure, IT clusters like Koramangala, and excellent accessibility via Sarjapur Road and Kanakpura Road.

Due to their excellent livability index, job possibilities, and current IT/ITeS boom, both the northern and southern micro-markets have similar investment potential; nevertheless, North Bengaluru is now leading the investment race.

Significant progress was also made in East and Central Bengaluru during the final quarter of 2023. Prospective Bengaluru buyers found Krishnarajapura, JP Nagar, Whitefield, Electronic City, and Sahakara Nagar to be their top picks.

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