Om Ahuja, CEO – Residential Services, JLL India
Bangalore has one of the fastest growing real estate markets in India, in which luxury housing is now one of the most vibrant and dynamic segments. The growing demand for luxury housing can be attributed to the rise in the number of HNWIs, the rapid pace of urbanisation, the influx of global lifestyle trends and the fast growth of service industries such as technology and financial services, which are propelling many middle-income group individuals into the HNWIs bracket.
In 2014, Bangalore city witnessed the launch of around 35 luxury residential projects offering around 6000 units, as compared to 18 projects offering a total of 4200 units in 2013. During 2012, the market saw the launch of 17 such projects with 3800 units. The trend was quite different in 2010-‘11 – in 2010, the market saw the launch of 950 units from eight projects and in 2011, 11 projects offering 1350 units were launched.
Bangalore Luxury Housing Hotspots:
- Palace Road
- Lalbaugh Road
- Frazer Town
- Thanisandra Road
the growing demand for luxury housing can be attributed to the rise in the number of HNWIs, the rapid pace of urbanisation, the influx of global lifestyle trends and the fast growth of service industries such as technology and financial services, which are propelling many middle-income group individuals into the HNWIs bracket. Also, growing interest from Non-Resident Indian (NRI) buyers’ in investing in luxury housing and encouraged more reputed developers to launch projects with exceptional facilities.
Accent On Luxury Facilities
In recent times, most buyers have been seeking quality products, and this is compelling developers to come up with luxury projects in conjunction with global property developers and architects. To attract buyers, developers are now trying out a variety of new products in the luxury housing segment, including Singapore-and US-style apartments, homes that are similar to plush hotels and branded luxury residences.
Developers are also increasingly adding exceptional facilities including golf greens, schools, independent swimming pools, shopping centers, indoor arenas, piped gas, meeting rooms, concierge desks, gymnasiums and similar lifestyle accoutrements. Spacious luxury apartments also invariably include top-quality interiors, bathroom fittings and kitchen decor, often using imported materials. Thus, the desirability index of upcoming projects depends significantly on their lifestyle offerings and exclusivity.
Indicative Price Range For Luxury Housing In Bangalore:
- Central Bangalore – Rs. 16,000 to 36,000/sq.ft.
- North Bangalore – Rs. 7,000 to 14,000/sq.ft.
- South Bangalore – Rs. 7,000-12,000/sq.ft.
- East Bangalore – Rs. 7,000 to 12,000/sq.ft.
- West Bangalore – Rs. 6,500 to 10,000/sq.ft.