Now you can rent a CEO's luxury apartment
By siliconindia   |   Friday, 03 April 2009, 18:36 IST   |    15 Comments
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Now you can rent a CEO's luxury apartment
Bangalore: Till now, the dream of living in a luxurious apartment like Acropolis with a swimming pool, shuttle court and gym at your disposal, was restricted to some prominent Chief Executives of big MNCs, but now Indian youth are renting such apartments as the rent has come down almost by half due to the recession. Many young professionals in the city find a large number of fancy apartments in Bangalore to be affordable for them to rent out as the costs have dipped by almost 30-40 percent due to the market conditions. Today, the price of a 2BHK mid range luxury apartment ranges from Rs 16, 500 to Rs 25, 000 per month and a 3 BHK ranges from Rs 20, 000 to Rs 35, 000 per month respectively. "My monthly rent for our 3BHK apartment is Rs 20,000. This is very affordable as we have five people sharing the rent. Also, a lot of facilities like pool parlor, health club, library and swimming pool come with the apartment. Thus, this is better than renting a house," says Pritam Pal, an engineering student who resides in Majestic apartments in Tavarekere. On an average there has been a 20-25 percent fall in the real estate prices here, according to real estate agents. Nathan J. S., owner of V3 group, a real estate agency in Koramangala says, "A lot of youngsters are moving into places like St. John's Woods, Mantri Sarovar (HSR Layout), Shobha apartments located on Outer Ring Road and Pink Phase located on Sarjapur Road. Since the airport has shifted, there has been very low demand for these apartments and thus the rates have been slashed by over 30-40 percent." "The price of real estate in Bengaluru East has fallen by over 35 percent whereas for Bengaluru North the price fall has been around 25 percent," says Lokapriya, owner of Aaryan Meadows Realtors. It was the real estate slump coupled with bad maintenance that forced owners to sell or rent their property at a cheaper price. "Recently, a foreigner wanted to check out the flats in a plush apartment complex on Hosur Road. He wasn't impressed by the condition of the apartment. Though it is only five years old, he assumed it was over 15 years old," adds Lokapriya. Previously most of these apartments were only available for sale. But, these days they are available for rent too. Many property dealers feel that owners are forced to give their property for rent in order to pay back the loans they had taken to buy or build these apartments.

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