Super-size terrace is the new buzzword in Bangalore
A real estate consultancy firm conducted a survey among the luxury home buyers. The consultancy firm found the two things home buyers wanted in their million dollar apartments are floor to ceiling glass windows and large balcony space.
A recent report by the consultancy firm says that Bangalore has 52 projects which have residential apartments priced more then Rs 2 crore.
Super-size terraces in Bangalore are the latest status symbols. Large semi-open spaces attached to condos and penthouses, that can be used for private party areas and sit-outs.
An upcoming luxury apartment development, 77ð Sky by DivyaSree, in South Bangalore, is offering buyers terrace spaces anywhere between 1,032 sqft and 1,662 sqft. The smallest terrace space being offered — 545 sqft while the largest — 1,144 sqft.
In central Bangalore, Kingfisher Towers-Residences at UB City, being developed by Prestige Estates Projects, has terraces spanning approximately 600 sqft per apartment. Barely two kilometres away, developer Nitesh Estates is constructing an ultra-luxury apartment, Nitesh Park Avenue, which has terrace spaces above 600 sqft per apartment.
Phoenix has launched an high-end development residential project. The name of the project is One Bangalore West in Rajajinagar, wherein approximately 10% of the carpet area has been given to terrace space and no two terraces face each other. The project consists of over 275 apartments and amount worth over Rs. 530 crores is being booked till date. The average sale price exceeded Rs. 7000 per sq.ft. The entire project has 5 towers comprising 29 floors each. The construction for the project’s first phase has already started while excavation for towers 1, 2 and 3 is to be completed soon and towers 4 and 5 is in progress.
Phase I of One Bangalore West, launched by the Phoenix Mills Ltd. , seems to have received good response from home buyers. International architects Benoy and RSP have designed the architecture of the project.
A real estate advisory firm, notice that the concept of terraces in the premium apartment segment is becoming a regular feature with the luxury market. An average of 150-250 sqft of semi-open area per apartment is the new design concept for all developers.
Bangalore weather plays an important role for luxury projects. The demand for such projects are high and the Bangalore real estate developers also try to offer such luxuries. The prices in Mumbai and Delhi are unreasonably high for developers to offer such luxuries. The weather in the two cities is also not favourable all year around for having such open spaces, so that’s what makes the trend in Bangalore unique.
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