Home Buyers Cheer As BDA Introduces Affordable Luxury Starting At Rs 45L
The city where the demand for housing never drops, the potential home buyers in Bengaluru are now looking for luxury. We are not surprised. In a recent development, the luxury villas developed by the Bangalore Development Authority (BDA) have found takers. This is BDA's first of such projects where it plans to promote luxury at reasonable prices.
If reports are to be believed, over 500 applications and over 1,000 queries regarding the finer aspects have already poured in.
Luxury at a small price
Over 500 applications may sound like a lot but not when you get to know the cost of these projects. The BDA has pegged its project at the value of Rs 45 lakh only. While there are private players, too, launching luxury apartments in the city, the prices are usually in the range of Rs 2.5-15 crore or even higher depending upon the kind of material used for the construction, its technological soundness, brand of the developer, location and the demand. Even when all the other charges are placed on your bill, you would be a proud owner of a 1,800-sq-ft, 3BHK unit for only Rs 50 lakh — over 40 per cent less when compared to the token size of an average luxury villa in the city.
The project is coming up in Alur, near Tippagondanahalli reservoir catchment area. The delivery of these projects is slated for the latter part of 2017. The authority switched to villas in the area because given that the area is earmarked as Special Zone 3, it is unsuitable for apartment construction. Moreover, Alur's connectivity through NICE Road and National Highway makes it a viable choice for many home seekers.
Understanding the rising enthusiasm among potential buyers, the BDA had even extended the last date to receive applications for the same. All in all, 104, 2BHK units and 252, 3BHK units along with six semi-detached villas were up for sale.
Luxury in the city
When it comes to amenities, you might not get what private developers offer. The BDA promises the regular — a tennis court, clubhouse, swimming pool and the round the clock surveillance.
Many private developers in the city offer customisation, allowing the buyers to suggest modifications to the make of the unit, if they want any, at the early stages of the construction. Next, smart automation is the tenor of modern day luxury provider and buyer. Hence, smart gadgets that alert you about any change at home while you are away at work may not be uncommon. Landscaped gardens and an emphasis on clean, green energy is common these days. Besides, servant quarters, creches for children living within the apartment complex, pet parks, swimming pools, multipurpose halls, joggers track are some other offerings. With all such services come a premium attached to it.
Most luxury locales have garnered a good livability rating as well. The more densely packed areas are often a no-no for luxury developers since it loses its niche value. The target audience is keen on large livable spaces, with minimum encroachments from either people or commercial zones. In Bengaluru, luxury buyers are switching in favour of single-unit per floor apartment units where there is no scope for an intrusive neighbour either. Hence, exclusivity is strictly maintained.
With BDA's luxury villas getting an overwhelming response, perhaps it is time that the developers take a cue. Buyers are looking for luxury but at an affordable price point. One of the prime reasons why real estate has been under a dry spell for quite some time now is the fact that pricing points are at extremes making it a dampener. Bangaloreans definitely are looking at luxury but in its own way.
Also Read: Luxury Housing Is Gaining Momentum In India