BANGALORE: Bangalore real estate market has evolved over the years with the establishment of IT companies and an influx of professionals entering the city from across the globe. Residential real estate market of the city is seeing positive growth not only in terms of demand but also in supply, especially in the luxury segment.
“Bangalore happens to have the highest per capita of HNIs (High Networth Individuals) in the country, and has always had a reputation for good quality construction – Architecture as well as Finishes. For example, if you define luxury at Rs 1 crore plus, I would put in the market at least 2,500 units per annum out of the organized mid-to-high end sector of around 20,000 units,” says Kailash Advani, CEO, BCV Developers Pvt Ltd.
Bangalore has approximately 1100 super luxury home units price-tagged at Rs 5 crore, in various stages of planning and construction.
So, which areas are seeing maximum supply? Central Business District (CBD) of Bangalore has always been a preferred choice for luxury lovers. But with no space left to develop, areas such as North Bangalore and Whitefield are considered alternate destinations. “The minimum built-up area of luxury housing units should be 3,000-3,500 sq ft,” says Omar Sheriff, Director, Skylark Mansions Pvt Ltd.
“Bangalore luxury home developers have a tendency to think on their feet. They have been re-inventing their offerings constantly in terms of the amenities offered. From completely automated ‘smart’ homes to private pools and from extravagant landscaping to golf courses in the backyard, the differentiators are varied and unique,” says Karun Varma, Managing Director –Bangalore&Kochi, Jones Lang LaSalleIndia.
Some of the luxury projects currently gracing Bangalore’s CBD include, Prestige’s Edwardian, VanGogh’s Garden by Total Environment, Century’s Renata, Skyline’s Villa Maria, Brigade’s Rhapsody and Crescent, Nitesh Estates’ Logos, whereas in North Bangalore, areas such as Devanhalli and Hebbal are also witnessing construction of many luxury projects such as Prestige Golfshire, Embassy Boulevard and Embassy Lake Terraces among others. “This is largely due to the on-going and planned infrastructure development in these areas, the establishment of Bangalore International Airport being one of the primary catalysts for the North Bangalore micro-market,” says Varma.