Bangalore: The Luxurious City
In a short period of time, Bangalore’ luxury residential market has seen a major transformation. With the advent of Kingfisher Tower settling a new capital values benchmark per square feet selling of Rs 30,000 in the category of super luxury. As per stated by Jones Long LaSalle India analyst, the new vibrant luxury market is now been referred as the “coming of age” of Bangalore’ residential market. JLL data has also reported that the residential property capital values in Bangalore have increased by 25 percent since 2009. Recently, the absorption of the residential spaces in Bangalore has slanted towards the Rs 3500-7000 per square feet and also above. Though it is a fact that the short term economic inhibitors have presently had their very much effect on the buyers sentiments, still at the end of the day Bangalore is one of the most flexible market.
According to Karun Verma, MD- Bangalore& Kochi, Jones Long LaSalle India had stated that the key reason behind the resiliency is that the luxury homes developers in Bangalore have a tendency to think on their feet. Adding further he said, “They have been reinventing their offerings constantly in term of the amenities offered. From completely automated ‘smart’ homes to private pools and from extravagant landscaping to golf courses in the backyard, the differentiators are varied and unique.” From the past, Bangalore’s CBD has been the location of the luxury homes, but at present North Bangalore and Whitefield is also coming into sight among the projects. Some of the luxury projects currently gracing Bangalore’s CBD include Prestige’s Edwardian, VanGogh’s Garden by Total Environment, Century’s Renata, Skyline’s Villa Maria, Brigade’s Rhapsody and Crescent and Nitesh Estates’ Logos. There are almost 130 units in these luxury residential projects which are at present in different position, like some are under construction and some are on the edge of completion. In the intervening time, the Devanahalli and Hebbal sub-markets are showing a remarkable scale of activity on the premium and luxury projects front.