High rises : A new trend in Bangalore real estate
Bangalore is coming up with high rises, the concept is new and developers want to cash in on vertical living concept.
Home buyers who have been used to apartment complexes of ground plus seven floors or ground plus 15 floors, can now look forward to apartments towering 40-storeys high. But still Bangalore is far cry from those seen in Mumbai.
Mumbai has more than 35 skyscrapers both under construction and completed which are having 40 floors and above. Real estate developers in Mumbai had to go for vertical high rise structures due to lack of space but this is not the same in case of Bangalore. Bangalore has ample number of space but there is lack of distinct high rise culture until now.
Mantri Developers has come up with Mantri DSK Pinnacle, located off Bannerghatta Road. It is a 46 storey high residential development that will have a sky lounge and an observatory.
Water’s Edge by Mumbai-based developer Equinox, located across the Nagavara Lake in Hebbal, has five 40-storey residential blocks, all of which have a view of the lake.
Recently Sobha Developers has launched Sobha Indraprastha in Rajajinagar, a 37 storey residential cum commercial development. The project will have 12,500 sqft clubhouse on the last two floors with a temperature controlled infinity pool on the thirty seventh floor.
Of Course high rises won’t come at an affordable price. The apartment prices starts from Rs 2 crores onwards. Usually developers charge anywhere between Rs 25 to Rs 100 per sqft more for every floor rise depending on the project specifications and amenities.
High rises allow developers to provide parks, more green space and amenities. According to real estate expert, going vertical will give more percentage of open space at the bottom, which is an added value to the project. High-rise apartments give 80% to 85% more green and open space than regular mid to low-rise apartments, he added.
For instance, if a developer is plan for a vertical high rise complex on a 10 acre plot then the developer would be using two acres roughly leaving eight acres as open space.
If sources are to be believed then high rises have a great appeal among the young home buyers. 10 years ago in Bangalore real estate industry norm was to build 12 storey apartments, which now has risen to 20 storey apartments.
The concept of high rises came into being after the change in the CDP ( City Development Plan) in the last five years that allows the developers to go vertical. Developers are fast catching on to the trend as the city’s by law allow for high rises.
Bangalore might be getting a Manhattan makeover. The high rises are getting taller but the builders should thoroughly check on safety measures on those kind of projects.
Related Real Estate News:
High rises in Mumbai to have no vertical limits
Vertical construction-Trend in Real estate India
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