Luxury Home Segment Picking Up In Bangalore
After a period of economic slowdown, Bangalore has geared up to emerge as one of the hottest real estate destinations, particularly in the luxury home segment. The buyers are eyeing the real estate market of Bangalore to get the benefits of great returns on investments. The expansion of the city limits towards the sub urban areas and the increasing buying capacity of the buyers have led to the increased demand for the luxury homes in Bangalore.
Knowing the Buyers
The builders are now more inclined towards understanding the buying behavior of the investors. According to a market expert, the terms affordable housing and luxurious housing are subjective to the particular market. It is important to know that the buyer is intended to invest in which part of the city. For those who are residing in the main city, a 2 BHK flat can be luxury, which is priced at more than 1 crore, and after spending the same amount, one may own a big villa in the sub urban locality. There are buyers for whom investing in a 1 BHK house is also a big thing, as buying a flat in the center of the city is beyond budget for a lower mid-segment buyer. So it’s all up to the market and the preferences of the buyer where to buy flats in Bangalore. To experience luxury in Bangalore, one may have to spend at least 1.5 crores.
It is a well-known fact that the real estate market of Bangalore is mainly driven by the IT workforce. In fact, the IT professionals are the major contributors in the luxury segment of Bangalore real estate. Looking at the growth of IT sector in Bangalore and establishment of new corporate houses in recent years, a big number of expats are expected to flock towards Bangalore in coming 2 – 3 years, which would thereby lead to a tremendous increase in the demand for the luxury housing in Bangalore.
The bookings for luxury residential units in Bangalore have been surging. The general trend is to book for properties that lie in the range of Rs. 3,000-7,500 per sq. ft. However, the number of buyers who tend to show interest in the luxury home segment, where the prices of properties lie in the range of Rs. 7,500 per sq. ft. and above, is on all-time high. This is evident from the increased supply of homes from the luxury segment.
The increase in demand and supply of the luxury homes segment in Bangalore has changed the fate of many localities in Bangalore, which have now become the most preferred destinations from the real estate point of view. In the North of Bangalore, localities like Hebbal, Sahakar Nagar, R T Nagar, Yelahanka and Devanahalli have showcased some excellent growth trends in the premium housing segment. Investing in premium, though spacious 1 BHK flat in Old Madras Road, Bangalore, also ensures great returns on investments. The improved connectivity of the region with other parts of Bangalore, construction of the international airport of the city and other related infrastructural developments have boosted the capital value and demand for such properties.
Other regions in Bangalore which marked the similar growth trends are Whitefield and Sarjapur Road in the south Bangalore. The main reason behind increased demand of the premium homes in these areas is their proximity to the corporate sectors of Bangalore.
As of Now!
Currently, there is an oversupply of luxury housing units in Bangalore, hence it would be an intelligent step by the builders to maintain the stability of the prices so that it does not hamper the sales and attract more buyers.
Author Bio: Rashmi Karan is a professional writer who writes about the realty industry of India and focuses on offering location-specific information of the cities. She also offers solutions for the real estate related queries.