Sunday 18 January 2015

Trend Of Premium Housing On The Rise In Bengaluru.

 
Bengaluru has one of the fastest growing real estate markets in India with an assured 20 percent returns on investment year on year. The influx of IT companies and the growth of the sector along with other sectors like textile, biotechnology etc. has always been the propeller for employment and high income generation. Thus there has been an increase of High Net Worth Individuals (HNIs) due to the availability of opportunities and the influx and growth of service industries and the IT and the ITES sector along with the financial sector as well.  
Not only that Bengaluru stood at the 23rd rank among the most preferred destinations of the Asia Pacific region with more and more NRIs and foreigners coming and staying in the city. Due to the recent drop in the value of the Indian Rupee in the world financial market it has even boosted the interests of the NRIs real estate investment as they find Bengaluru as the most green pasture . Thus the NRIs and the echelons of the Indians settling down in Bengaluru has propelled the demand for luxury housing over the years and today more and more developers are plunging into the luxury housing segment owing to the surge in demand.  
The study of the total luxury residential projects in the city revealed that there has been a gradual rise of the units constructed and the demand for luxury housing units. In the table below we depict the figures for the gradual increase of the construction of luxury projects in the city. 
  
Year 
Projects  
  Units 
2010 
8            
     950 
2011 
11          
 1, 350 
2012 
17         
  3, 800 
2013 
18         
  4, 200 
2014 
35        
  6, 000  

Premium locations are at the core city areas. 
The Central Business District of Bengaluru has most of the concentration of premium and luxury apartments with a few micro-markets in North Bengaluru and Whitefield which are preferred locations for premium and luxury housing. The market watchers and the veterans of the real estate industry opines that due to the offices in locations like Residency Road, Vittal Malya Road, M.G. Road, Cunningham Road, Lavelle Road, Kasturba Road and Langford Town there is a demand of luxury and premium housing in the micro-markets of North Bengaluru, Hebbal and Sadashivnagar. Other locations where premium housing is noticed are Palace Road, Frazer Town, Lalbagh Road, Indiranagar, Rajajinagar, Koramangala, Yeshwanthpur, Sanjaynagar, Hebbal, Thanisandra Road and Whitefield. Few experts opine that over the last few years a demand for premium housing had been noticed in Bellary Road, Rajajinagar and Whitefield. In areas like Devenahalli, Electronic City and Kanakapura Road there has been development of premium housing with many villas being seen.  

 The homes offer high quality lifestyle.  

These homes offer luxurious lifestyle and while detailing about the amenities few of such developers of the luxury housing segment stated that these homes come with extra high-end amenities like 360 degree wi-fi coverage, plug and play homes and other superior quality amenities. Apart from that they remarked that as the buyers want superior quality they also provide the best of building materials and also to attract buyers the developers give high quality interiors like the plush hotels or branded high quality homes. 
  

Pricing and the options. 


The research conducted by the top real estate survey organizations reveal that such luxury apartments in this segment in and around Cunningham Road, M.G. Road, Kasturba Road and other adjoining areas is about Rs. 23, 000 to Rs.27, 000 per square feet.  Luxury apartment around the places like Yeshwantpur, Malleswaram and Rajajinagar would cost about Rs. 6, 500 to Rs. 18, 000 per square feet.  
The real estate market analysts have pointed out that the average price increase of the luxury homes in the areas like M.G. Road is 16 percent, around Cunningham Road is about 18 percent and in and around Richmond Road is about 15 percent. The rise of prices in areas like Langford Road is 12 percent and in and around Kasturba Road it is 30 percent.  


Outlook  

Thus as the trend goes it seems that the demand for the luxury housing will increase year on year and there will be far more areas where luxury homes will be constructed with various price ranges. 

No comments:

Post a Comment