Bengaluru-based real estate company Embassy group has sold a residential property for Rs 50 crore. The 30th floor condo is a sprawling 16,000 sq ft ultra-luxurious abode at the Four Seasons Private Residences at Embassy ONE.The property is understood to have been purchased by an HNI, whose identity the company has not divulged.
Bengaluru is among the top three cities to have witnessed an unprecedented growth in demand for ultra-luxury homes in the last two years. The year-on-year growth of ultra-luxury homes in the city is at a high and the estimated total value of ultra-luxury housing projects in various stages of construction in Bengaluru is Rs 6,000 crore, according to property consulting firm JLL, India.
Incidentally, the city accounted for almost 29% of total luxury home sales in FY16, followed by Mumbai with 16% of sales and Pune with 15% sales. In total, 47,000 luxury units were sold in top nine cities, making up 17% of the total residential sales in the country, the report enumerated.
Experts said the deal in no measure depicts the current consumer sentiment that HNIs are still bullish on the residential sector. This category of home buyers are not sensitive to prices, their decisions are primarily based on personal choice and needs.
“Luxury homeowners are more specific about brand legacy, construction quality, delivery and a reassurance of continued impeccable level of service,” said Reeza Sebastian, senior vice-president of residential business at Embassy.