Boom time in Bangalore, demand for luxury homes hits a new high

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SummaryAfter a near-four-year lull, Bangalore's real estate market is enjoying a resurgence in the high-end residential property market, fuelled by a new-found demand on the city's outskirts.

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 is also a change of mindset in accepting a non-CBD, non-bungalow property for luxury housing. "People in Bangalore have started accepting city outskirts with more open area for luxury housing," added Rao.

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