A growing demand from individuals looking at buying residential property that is high on the luxury quotient. These residential property may be in the form of villas or apartments with world class interiors and facilities that make the facility a self-contained space.
High segment residential property in Bangalore are relatively lower-priced compared to the NCR or Mumbai markets. Investors from these regions are also showing interest in the Bangalore residential market besides the NRI's and end-users.
The Bangalore residential market was characterised by a sense of cautiousness. However, developers continued with the launch of residential projects at high price points. Most of the residential property launched in the city were not technically high-end but on an account of their location and quality of construction as well as the unit sizes offered, they were observed to fall in the high-end bracket.
Most of the high-end residences is from top executives of MNC's, businessmen and NRI's who want to park their funds in India in the wake of an uncertain and slipping global economy and consequent lack of alternate investment opportunities. These are their second or third homes for these investors.
These high-end residential property are typically located in the suburbs where space is available with good access to the ring road and other facilities. High-end residential projects are mostly villas or extremly high specification condo-villas have come up in north Bangalore along the Bellary Road right from Hebbal to Devanahalli and Doddaballapur; Whitefield and Sarjapur Road in the east and along Bannerghatta Road in the South. The Central Business District (CBD) remains a perennial favourite for super luxury apartments with new residential property having been launched.
As residential property in Bangalore is bouncing back with a spurt in the level of inquiries for all categories of units. Bangalore's residential property market is now turning towards location and project specific options where developers are able to market their residential projects. Unlike earlier inquiries ranging from budget apartments to high end homes are up with the result property developers are regaining confidence to launch new housing projects.
The high-end super premium residential projects typically come with strong emphasis on privacy. Having lavish spaces with high ceilings, luxurious design features and modern amenities such as swimming pool, landscaped, lawns, tennis courts, creches, state-of-the-art gymnasiums etc.
Now a days Bangalore witnessed some aggressive new launches mostly in the high end segment brackets from developers. New launches were spreading across the city's CBD and suburban and peripheral regions. The garden city of Bangalore is home to over 1500 IT companies employing over five lakh IT professionals and growing at over 30 percent annually. Infact Bangalore is the fourth-largest technology cluster in the world after Silicon Valley, Boston and London. It is quite natural that the techies and HNI's who have been accustomed to a high standard of living during their sojourn abroad would like to continue their lifestyle in a similar ambience here too. This is one reason for the surge in demand for high-end homes in and around Bangalore.
Author Resource:
PropTiger is an independent real estate advisor with a pan-India presence. We aspire to be your first port of call if you want to buy a Property in Bangalore Or Residential Property in Bangalore .
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