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Bangalore is witnessing a flurry of high end homes coming up in developed and developing areas. Apart from basking in glory of owning a premium home, they are good investment options as well.
As Bangalore is observing a deeper penetration of apartment culture in to the cityscape, many old areas with the emerging suburbs are witnessing high end residential apartments adorned with every modern and state of the art amenities. These apartments boast of developed infrastructure in and around and are in the vicinity of exclusive clubs, thus attracting the high earning professionals coming to the city.
Once it was only the old residential areas in Bangalore like Malleswaram, Ulsoor, Koramangala, Rajajinagar, Cox Town, etc where one could find big luxury homes. Now, high rise apartments as well as villas have sprung up in old residential destinations and also in the city outskirts like Whitefield, Outer Ring Road, Bellary Road and Kammanahalli.
Developers are coming up with luxury apartments in areas such as Old Madras Road, Rajaji Nagar, Sarjapur, Yelahanka and Whitefield, to name a few, which especially attracts IT professionals and corporates working in various MNCs.
Luxury homes usually come with tall tree line avenues and green spaces. Since the luxury home buyers are high earning, well traveled, status conscious professionals, they want their homes to reflect their lifestyle. Buyer preferences vary from person to person and they would normally like to own branded residences with exquisite interiors. Single apartment per floor is preferred and super luxurious amenities like infinity pool, individual gym and jacuzzi, concierge facilities and fully automated services are sought after.
Demand for customised services designed by world renowned designers and amenities like clubhouse on roof top has been growing; so as easy access to restaurants, banks, malls, schools and entertainment avenues in the vicinity. Besides this, the location rules the roost for luxury apartments in Bangalore. Good transport facility and developed infrastructure usually guarantee a highly demanded locality.
High end properties serve as a mirror reflecting the wealth and status of residents, so much so that sometimes an exclusive project becomes the coveted address for residents. It offers security and an exquisite living experience to the home buyers who are High Net Worth Individuals (HNI), looking for an exquisite project to settle in.
From an investor’s point of view too, luxury apartments offer good rentals. Investors can be assured of drawing a high rental as these apartments come with exclusive amenities and facilities. Apart from drawing high rentals, the luxury housing units often have higher chances of capital appreciation in a short tenure.
Luxury market is difficult to define. Currently, an apartment worth Rs 1.5 crore in the central business district is considered luxury apartment in Bangalore. However, if one moves to the outskirts one can buy a villa for the same amount.
Bangalore real estate market is growing, thanks to the demand created by IT professionals and expats who would like to pay a premium amount for quality living experience. Realty analysts hope that around 35,000 expats would be returning to Bangalore in another 2 years due to improved job and IT market. the property rates should be 20-30 per cent higher than the prevailing rate.
Another factor working in favour of Bangalore luxury sector is that the prices of residential units are still lower than Mumbai and there is less speculation in the realty market. Regions like Sarjapur-Outer Ring Road and North Bangalore are increasingly witnessing growth of high end residential market. A number of economic and commercial hubs are to be developed in the North in the coming 2-3 years, fueling growth potential for high end units.
As per records, till the 4th quarter of 2012, high end luxury market had witnessed a rental appreciation of 3-7%. Annual capital appreciation for luxury and premium segments also stood at 9-13%. At present, luxury apartments come with a price tag of around Rs 5000-Rs 10,000 per sq ft. However, some of the premium properties draw a price up to Rs 25,000 per sq ft.
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