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Demand For Luxury Housing Grows Significantly In Bangalore
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The Bangalore real estate market has witnessed a huge growth in demand for luxury housing in recent times and this segment has grown by more than 40% according to real estate India studies and information. Bangalore has always been a fast growing realty market and luxury housing is one segment which is witnessing high levels of transactions of late. This demand has been sparked by the rising number of high networth individuals in the city, the influx of lifestyle trends and aspirations that are at par with global trends and the unabated rise of several economic and business sectors including financial services and technology. The latter development is a major reason for propelling several middle income professionals into the HNWI category. There is rising interest from the NRI community in terms of investing in luxury housing projects. All of these developments are prodding realtors and big brands to launch premium luxury projects in the city.
There are several real estate Bangalore markets where luxury housing projects are being launched by the dozen. These include tony areas like Koramangala, Frazer Town, Palace Road, Yeshwantpur, Indiranagar, Richmond Road, Vittal Mallya Road, Ulsoor Road, Rajajinagar and Whitefield. Other luxury housing hubs include Lalbaugh Road, Sanjaynagar and the Thanisandra-Hebbal Road among others. Most of these areas are witnessing the launch of ultra-luxury housing projects with spectacular amenities and facilities. Buyers in this segment are opting for projects with exclusive conveniences and features. Developers are introducing homes that are reminiscent of designs and styles seen in the United States of America or Singapore. Several of these luxury housing projects are being built in partnerships with global architects and developers as well.
Several luxury residences are similar to five star hotels by way of their amenities including concierge desks, shopping centres, independent swimming pools, gymnasiums, golf greens, piped gas connectivity, schools, indoor areas, meeting rooms and many other lifestyle facilities. These apartments also come with quality interiors and top notch kitchen and bathroom fittings, most of which are imported or sourced from the biggest brands in the country. The desirability index of luxury projects is at an all time high with a view towards meeting the needs and aspirations of contemporary customers with premium offerings. Consistent employment rates, booming IT and financial services growth and top notch infrastructure have always been behind Bangalore’s steady realty expansion over the past few years. The present scenario is no different but there is a strategic shift on part of many developers to the luxury housing segment.
Buying a luxury property Bangalore is also a relatively cheaper proposition in comparison to prices of properties at similar projects in other metros like Mumbai and Delhi. This has also been a major demand driver in the segment. Luxury villas and apartments are being sold at anywhere between Rs. 6 to 30 crore in this segment which is comparatively reasonable in comparison to other metros. Realtors are going the whole hog at this price bracket in terms of amenities and facilities for residents.
Makaan.com is a leading real estate site that majorly focuses on property in India and Bangalore real estate market. The real estate website caters to the requirements of home buyers, developers and agents.
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