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IT city Bangalore has been fortunate to deal with the latest real estate crisis in a better manner than other states. The city experienced more or less firm environment in realty sector during the last year. Several factors caused the positive circumstances; the available options, Easy access to latest technology, enhanced lifestyle, educational as well as employment opportunities are few among them.
The city offers wide ranging options, whether you are looking for a villa, penthouse, flat, condominiums, luxury/super luxury homes or land, you have opportunities according to finance and preference.
Luxurious Housing – The New Trend
Luxurious housing has become the latest sensation amid Bangalore buyers with several builders coming up with projects spanning across the city. And, the latest news is that the luxury housing segment in Bangalore has turned into an asset of 1 billion dollar with a per sq.ft price range of Rs 8,000-33,000.
Though, such homes were gaining popularity over the last few years, of late there has been an active interest. Besides, the city is home to large numbers of exclusive buyers.
Luxury homes have takers from the elite group, investors, equity partners, company heads, international businessmen, celebrities or the end users. The number is expected to go only upward in the future.
An investor would look for the rental yield and huge appreciation on the initial investment, while an equity partner would be focusing on profits that are much higher than mid-segment projects. The end-users consider the state- of- the- art lifestyle laced by extreme comfort and privacy unlike other projects which might seem to be congested.
Completing and selling luxurious homes might take a bit of extra time, yet the profits are more as compared with small projects.
With more and more people turning eligible for a mortgage, finance ceases to be a constraint unlike the earlier days. And, nowadays, many luxurious projects come at a lesser price.
Why This Obsession with Luxury Housing?
Why investors are interested in luxury properties? Of course, such homes signify luxury and comfort, with both merging into each other. But, that is not the end; there is more to it apart from elegance, convenience and premium lifestyle. With increasing demand, developers keep on raising the bar with respect to amenities and comfort.
Mostly, people look for the following features in a luxury dwelling:
Additional parking space
Concierge services
Larger ceiling to floor height
Adherence to Vaastu guidelines
Less congested housing units
More privacy
Individual units without common walls
Limited residents, there is more bonding
More safety
Spacious rooms and affluent interiors
More open areas, landscape
Private lift section and,
Servant quarters
Opportunity to lead a lifestyle on par with global standards
Impressive architectural features
More room for relaxation
Excellent view
In other words, luxury housing is synonymous with maximum comfort and enjoyment and minimum fuss. Besides, there will be customizing options, and you could have your specifically designed luxury home in your preferred location. And, recent developments indicate an active interest among builders to include several new hi-tech features in luxury projects. Since Bangalore is a favorite destination of many foreigners, several builders are incorporating world-class features into their projects.
Apart from the basic amenities, takers of luxury projects could look forward to premium features including Jacuzzi, terrace garden, helipad, completely air-conditioned rooms, climate-control etc.
Is There Adequate Supply?
The answer would be in the affirmative, with over 2,000 units present across the city with a price range of five to thirty crores, thus targeting a wide range of audience. There are enough options with several developers including veterans and first timers coming up with premium housing with several features.
Old-hands in the sector are thriving on the reliability factor with a steady number of takers, whereas, novice builders have the tasks of marketing their projects ahead.
Semi-furnished or furnished housing is more in demand and from the traditional city favorites; luxurious homes have extended their presence to city’s outskirts as well.
The City’s Premium Locations
Areas like Whitefield, KR Puram, and Sarjapur are prominent among the most preferred luxurious home locations. The popular names among luxury housing developers include Mantri, Sobha Developers, DLF, Sahara, RMZ, Skylark and several others.
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