Bangalore realty witnessed a Booming demand of Luxury Homes

Bangalore realty witnessed a Booming demand of Luxury Homes

By siliconindia   |   Wednesday, January 21, 2015

Bangalore: For the past few years, the Indian realty market has witnessed a slow pace of demand for Luxury Residential Property. However, during 2-3 years it has seen a surge in demand in Luxury housing. According to the recent report of JLL India real estate consultancy firm, Bangalore is the top ranked realty market in the luxury property segment.

Swell in the number of (HNI’s) High net worth individuals and Non Indian Residents, the advent of global lifestyle trends, the rapid pace of urbanization and intensification of service diligences such as financial services, technology and plunge of rupee value are the major reasons for the upsurge in demand of Luxury residential housing. The recent downfall of rupee value lured the NRI’s interest towards Indian property and it also encouraged many developers to launch an array of luxury and super luxury residential projects with exceptional facilities which are suitable for common mans budget.

In addition, NRIs are reassessing to move India as they feel these investments as a potential investment option with full-fledged facilities which are required for High end consumers.

The rise in luxury residential housing demand has given a new face to the Bangalore metropolitan city. The Indian Housing report says that the raise in demand is due to the increase of living standard and purchasing power and changing lifestyle, especially in metro cities like Bangalore. In 2014 Bangalore city witnessed a launch of about 35 luxury residential projects of 6000 units, in 2013 the market saw a launch of 18 projects of 4200 units and during 2012 and 2011 market saw a launch of 17 projects of 3800 units and11 projects of 1350 units.

In this market, there is a demand for both affordable housing and luxury residential housing.  Pricing and demand depends on several factors such as type of amenities and facilities provided, location, access to prime localities, grade of material used for construction and specifications. Most of the prominent developers are coming up in localities such as Richmond Road, Vittala mallya Road, Sadashivnagar and other localities to turn as hot spots.

Bangalore has top ranked it by offering luxury apartments in the range of Rs 23,000 to 26,500 in localities like MG Road, katurba Road and Cunningham Road and the apartments in and around Rajajinagar, Yeshwantapur and Malleshwaram ranges Rs 6500 to Rs 18000 per sq ft.

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