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.