Bangalore’s luxury segment boosted by expat preference
The demand for luxury segment in Bangalore is from the NRI Indian businessmen, senior management class, high net-worth individuals and corporate houses. However, there was a further demand seen with people migrating from outside in the city.
The demand for high-end apartments in increasing compared to independent homes and villas. Earlier, the demand for luxury and ultra-luxury homes or villas was triggered by NRIs, but in last couple of years, the demand for high end apartments has seen an increase.
Moreover, the demand for high end apartments is increasing because of high security, services like electrician, gardeners, plumbers are provided for the residents by the complex authorities. Although you are getting all the services in your hand, living in high end apartments can bring unexpected expenses.
Another reason can be, rather than villas, high end apartments are provided for the C-level employees by the organisations. This resulted in increased rental values in this segment.
Now-a- days corporates prefer bigger apartments than high end villas for their CXOs due to which the value of high end villas have witnessed a decline of 30 percent.
A steady 15 percent increase has been seen in the mainstay apartment market in places like Sarjarpur Road, Outer Ring Road and Whitefield.
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