In India, Bangalore is emerging as No.1 market for luxury homes
Luxury Homes..
A report by JLL India, an international property consultancy firm says, when it comes to luxury homes units priced above Rs 5 core, Bangalore is setting benchmarks to emerge as the country’s top luxury home market.
According to the report ,some of the factors that are fuelling Bangalore’s rise to the top are Quality of construction, design, ventilation, floor-to- ceiling height, amenities, floor plans, building elevation and configuration aspects.
Most importantly the JLL’s report mentioned that pricing of luxury residential properties in the country’s IT capital is seen to be far more reasonable and realistic than Mumbai and NCR.
Om Ahuja, CEO-residential services, JLL India alleged, “Luxury properties in Bangalore are 20% to 30% cheaper. While luxury apartments that cost between Rs 6 crore and Rs 30 crore may seem exorbitant, they are in fact very reasonable when compared to the rates going in premium locations of established cities like Delhi and Mumbai.”
On considering the data Ahuja added, in Indiranagar or Koramangala a luxury apartment is still an attainable reality with prices ranging from Rs 9,000 to Rs 12,000 per square foot. Of other major Indian cities, No other premium locations offer such prices in the luxury segment.
In comparison to Bangalore reports sales of close to 100 luxury units, including villas on a quarterly basis, Mumbai and NCR see only around a dozen such sales.
As per the data under various stages of construction and planning, consultancy firm LJ Hooker shows that Bangalore has around 5,400 luxury units.
Bangalore is the third largest market for luxury property sales and product offerings After Mumbai and NCR. For high net-worth individuals (HNIs), it is also the third largest real estate investment hub but tops the list in terms of investments from NRIs looking at settling down in India.
Although millionaires from the IT/ ITeS sectors affect the demand of the city’s luxury homes, the demand is also being driven by Kolkata and Chennai-based HNIs.As per the estimate of JLL ,Bangalore will have over 10,000 dollar millionaires.
Ahuja said, JLL reported that luxury residential offerings in Mumbai and NCR fall more or less in the vanilla category when compared to products in Bangalore in terms of product. “In Mumbai and NCR, location aspects such as sea view or PIN code tend to define the flair and profile of a property far more than the positioning of the product in terms of luxury and design parameters.”
Across all metros the demand for luxury residential products was passive over three to four financial quarters, but has raised up in the past 60 days, as alleged by the analysts tracking the real estate sector.
Source: Times of India
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