Bangalore has seen stupendous growth in luxury unit launches in 4 years

Bangalore has seen stupendous growth in luxury unit launches in 4 years

By siliconindia   |   Thursday, February 5, 2015

Bangalore: According to International property consultancy firm JLL India report, Bangalore emerged as India’s top luxury home market. In the last four years, the luxury housing segment in Bangalore has witnessed an astounding growth and recorded a 42 percent growth last year. In 2010, the Bangalore property market has seen a launch of eight luxury projects comprising of 950 units with a price tag of over Rs 3 crore and in 2011 the market saw a launch of total 1350 units, in 2012 the property market touched 3800 units of 17 projects.

In 2013, the Bangalore property market saw a launch of 18 projects with a total of 4200 luxury units and in 2014, it augmented to 6000 luxury residential units spread over 35 luxury projects. The above data signifies that in four years the Bangalore property market has seen a 531 percent up in luxury home launches.

The rise in the number of HNIs (High Net-worth individuals) in the services industry has boosted the demand growth of luxury residential units priced above Rs 5 crore. Increased demand from NRI’s, influx of lifestyle trend, rapid urbanization, Quality of construction and Top notch amenities has contributed more to Luxury Residential unit growth.

Recently, a Kolkata based business person has acquired a luxury residential unit in upscale locality Sadashivnagar with a price tag of Rs 10 crore. This is one among the numerous sales of luxury units which is happening in India’s third largest property market.

Om Ahuja, CEO, JLL India says that; “the rapid development of Information technology and financial services is boosting middle income individuals into high net-worth individuals in the city”.
According to real estate experts, the price of Bangalore residential units is still moderate and realistic than Mumbai and NCR. However, the city is picking up a high demand from outside purchasers.

In order to entice investors and buyers, the developers are collaborating with global property developers and architects to introduce new trends, products, styles and designs on luxury residences. In addition, these homes are equipped with top notch amenities; these luxury residential units are analogous to best 5 star hotel rooms. However; some analysts feels that the luxury residential housing market is bearing towards an oversupply situation and will continue to enjoy the upswing in the impending years.

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