Properties in Richmond Town observe 25% value appreciation
Bangalore- Properties in Richmond Town, located in the heart of the city, have observed over 25 percent capital appreciation in the last two quarters.
In the first quarter of 2012, the area had witnessed Rs 7,500 per sq ft approximately. By the third quarter of the prevailing calendar year, the rate increased to Rs 9,000 to Rs 15,000 per sq ft.
The prime factors for the fast progress of the area is its prime city-centric location and excellent connectivity to all major parts of the city. Proximity to MG Road, Central Business District (CBD), renowned schools, malls, and commercial and office spaces have lead it towards vast development.
Realty experts say that emerging new projects offering high-end amenities have also pushed the area to enormous growth. Modern amenities such as modular kitchen, jacuzzi, Italian tiles, steam and jet showers, media rooms are luring the buyers. Richmond Town is an end-user driven market having a mix of buyers. Most of the buyer market is led by IT professionals and businessmen.
Currently there are over 20 new projects at Richmond Town. To name a few are- Skyline Mayflower by Skyline Construction Ltd., Regency Splendor by Ashed Properties & Investments Pvt Ltd., Mayflower by Prestige Estates Projects Ltd, Canary Wharf by Nitesh Estates, and so on.
The new projects are at various stages of construction and are estimated to be ready to occupy within two years. Mainly the demand is for three bedroom apartments in Richmond Town, though there one, two and four bedroom apartments available.
The properties in Richmond Town have observed about 10 percent rise in rental values too. A 2bhk unit with monthly rent of Rs 20,000 per month in January 2012 is now charged at Rs 29,000 per month. Increasing demand for properties is expected to further increase the property values in Richmond Town in the coming years.
Residential realty market sees more launches this year: Report
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