Boom time in Bangalore, demand for luxury homes hits a new high
"These are not necessarily first homes for these buyers," said Ram Chandani, head (south India), CB Richard Ellis, a real estate services firm. The Bangalore market is witnessing a new trend of the business class emerging out of the shadows cast by the professional lot, he said. Also, NRIs are buying luxury properties as their second homes on the outskirts and many villas with golf courses are also being picked up.
These luxury units are unusually big by Bangalore standards. Customers are now demanding residential units with an area of 4,500 sq ft to 7,000 sq ft. Most of these units are priced at around R10,000 per sq ft. "With infrastructure getting better in outskirts - especially north Bangalore - over the past couple of years, developers have come forward in large numbers to locate many such properties in that region," said Ravindra Pai, MD, Century Real Estate.
"As bungalows went out of the market, a huge vacuum was created, which the market never addressed for a long time. But the wealthy lot in Bangalore were always looking forward to such a trend," said Jitu Virwani, CMD, Embassy Property Developments.
Bangalore being a market much more clued into global demand and supply, thanks to its IT exposure, the recession had taken a heavier toll on luxury housing demand, said Avinash Rao, regional director, Knight Frank, a real estate consultancy. There
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