Surge in Rs 4 6 cr ultra luxury homes in Bangalore
The Rs 33,000 per sq ft was the coming of age of the IT city’s luxury residential market
Jun 06, 2013
Source : The Times of India


BANGLOTRE: Last year, around this time (mid 2012), the residential real estate price in Bangalore kissed sky high with Rs 33,000 per sq ft for an upscale project on the Vittal Mallya Road. Rough calculations pegged a 8,200 sq ft apartment in the project at about Rs 27 crore. This marked a new peak in the luxury residence market, paving the way for a slew of luxury projects with opulence and grandeur. 

The Rs 33,000 per sq ft was the coming of age of the IT city’s luxury residential market. Though not many projects launched in the recent past would boast of such a high price tag, the average price of Rs 8,000-9,000 per sq ft is quoted at many luxury residential developments in the city.

Some luxury projects in the offing are Greenshapes Developers’ Anupam Lifestyle Villas, Kristal Group’s Amethyst, Indraprastha Shelters Pvt Ltd’s RUHE – all in about Rs 1.5 crore. In the Rs 2.5-2.8 crore price range, developers such as LGCL Properties Pvt Ltd have Luminaire, Krishna Enterprise’s Northwood, Rennaisance Holding’s Nature Walk, DLF Bengaluru’s Bella Greens and UKN Properties’ Miraya Rose.

For Rs 4-6 crore, Prestige Group offers sky villas and bungalows in Prestige White Meadows, Brigade Enterprises Ltd offers Brigade Crescent and Assetz Homes comes with their 27 Park Avenue project.

Today, the affluent want their homes to pack a lot of features to meet their growing aspirations and reflect their social and financial standing. Towing the line, developers are offering flats and villas that cater to the changing aspirations and modern lifestyle of the conscious buyer. “Luxury homes are a strong way to make a lifestyle statement. High-end specifications coupled with designer fit-outs and high-tech gadgets of global standards are the driving factors,” says Arvind Jain, Head, Pride Housing. 

For the moneyed Bangalorean, a home today is no longer a place just to live in, they find ‘status symbol’ in these homes. Also, as observed by Sanath Jairam, Proprietor, SJ Realty Consultants, the influx of NRIs and changing lifestyles have triggered the demand for ultra-luxury apartments and villas.

Latest Realty News

Real Estate Regulatory Bill may become breeding ground of corruption, says CREDAI chairman
Jun 06, 2013
MUMBAI: Stating that the Real Estate Regulatory Bill approved by the Union Cabinet seeks to whip only errant developers, realtors apex body CREDAI Chairman Mr. Lalit Kumar Jain has expressed fear that it could encourage corruption instead of curtailing the social menace.
Bangalore sees high supply of luxury housing units
Jun 04, 2013
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.
Lease violations high in Mumbai suburbs
Jun 04, 2013
A review by the collector’s office has found violations on a majority of plots allotted on lease in the suburbs. On plots where the lease has run out, violations have been detected in about 95% of the cases.
Madurai officials seal three buildings for violating norms
Jun 04, 2013
Marurai: Officials from the local planning authority (LPA) on Thursday sealed a multi-storeyed building in the city at Kalavasal that houses a retail supermarket, which was recently inaugurated. Official sources said that the building was constructed without adequate back space whereby rescue operations in case of emergencies would become difficult.
Mhada to hold 1 more lottery around Diwali
Jun 03, 2013
In a first, the Maharashtra Housing and Area Development Authority (Mhada) is planning to hold a second round of lottery for 2,450 under-construction flats around Diwali this year. The flats, which would be completed early next year, would be located in Virar, said Mhada vice-chairman Satish Gavai.
Virar offers multi-dimensional benefits for affordable housing
Jun 03, 2013
For Somesh Vaidya, who shifted to Virar from Borivili, it was a decision he would not regret. The area has excellent connectivity, more open space and social infrastructure is no less compared to the other suburbs. Another added advantage of buying property here is its easy accessibility to Mumbai via the Western Express Highway, which is just five kms from the area and the Metro is only in three kms. The roads are also constructed well and are in good shape.
Pune’s Green Chapter
Jun 03, 2013
One may wonder why the sudden gust of Green Homes. Why are real estate developers suddenly focused on building green buildings/townships? understands the benefits of investment and the interest of developers in green homes. It has launched its microsite to celebrate World Environment Day for the entire month of June 2013.
Mumbai may get exemption from high rise rules
Jun 03, 2013
High rise building projects in India’s commercial capital Mumbai might get a breather from the ministry of environment and forests (MOEF) guidelines linking height of the building with a width of a near-by road and a distance from fire station.
HDIL slips on posting Q4 losses
Jun 03, 2013
Housing Development and Infrastructure (HDIL) has slipped 9% to Rs 46.90 after reporting a consolidated net loss of Rs 280 crore for the quarter ended March 31, 2013 (Q4) due to exceptional loss of Rs 442 crore pertaining to Mumbai International Airport Slum Rehabilitation project. The Mumbai-based real estate developer had a net profit of Rs 316 crore in the same period a year ago. The company’s income from operations declined sharply 77% to Rs 140 crore from Rs 622 crore during the recen
Mumbai's desire for height
Jun 03, 2013
Mumbai's real estate is among the most expensive in the world. Partly, of course, this is a result of geographical factors - the city is limited by natural boundaries of sea, hills and marshland.

Latest Realty News Of State

Realty Talk's