Looking For 'Smart' Luxury Homes? This Could Be The Destination For You
Bengaluru has emerged as one of the leading luxury residential real estate market in the country. The growth has been driven by the rise in demand for luxury property from expatriate (expats) , information technology (IT) millionaires, multi-national executives and Non-Resident Indian (NRI) investors. The city is also a favourite among high networth individuals (HNIs) . Due to this, of the total number of new launches in the city, more than 30 per cent are in the luxury space.
Invest in these luxury hotspots
It is not only the number of luxury projects that are growing in Bengaluru but also the number of luxury hotspots. Having been India's retirement home town for decades, Bengaluru has many localities, known for their luxury properties. Areas such as the Palace Road, Cunningham Road, Fraser Town, Richmond Road, Sankey Road, Indiranagar and Lalbaugh Road have been known to be the posh colonies of the city. Earlier, most of these areas had big bungalows but, over time, they evolved into large and spacious apartments, serving HNIs. Premium gated communities closer to the IT hubs such as the Bannerghatta Road, Koramangala, Whitefield, JP Nagar, and Sarjapur Road are also developing fast.
The government is also focusing on creating good infrastructure in localities such as Hebbal, Kanakpura Road, Hosur Road, Yeshwantpur and jinagar.
Price tags
A spacious 3BHK apartment in Bengaluru can be priced anywhere between Rs 75 lakh to Rs 6 crore, depending on the area, quality of construction and amenities. Interestingly, a 4BHK villa in Electronics City can cost around Rs 80 lakh, which is not possible in other key real estate markets across the country.
On the other hand, a home located in an upmarket area can be expensive. A 3BHK apartment in Richmond Road comes at an exorbitant rate of Rs 40,000 per sq ft, while a same property in Sankey Road is priced at around Rs 30,000 per sq ft. Yet, an apartment in new premium areas like Hebbal is priced at around Rs 4,000 to Rs 7,000 per sq ft. Apartments in Cunningham Road, Indiranagar and Koramangala have a per square foot price of around Rs 10,000 to Rs 12,000. So, you can buy a luxury apartment in Bengaluru within a price range of Rs 1 crore depending on the area you pick.
Some of the recently launched luxury residential projects in Bengaluru include The , Sterling Villa Grande in Whitefield; Life by the Lake by Keya Homes and RMZ Latitude in Hebbal.
Moreover, existing projects such as The Villagio, Icon Sanctuary, Geown Oasis, Axis Tatvam have apartments 3BHK-6BHK apartments priced between Rs 1.2 crore-Rs 2 crore.
What's in store for home buyers
The luxury homes in Bengaluru boast of huge 4BHK villas with spacious living and dining rooms. Some homes have a square foot area of more than 2,2200, with private gardens. The spacious homes are well-targeted at the NRIs who are used to larger homes.
Some developers are also equipping the properties with gymnasiums, community halls, gardens, jogging tracks, amphitheatres, game rooms, and 24-hour power backup, among others. Additionally, a number of developers are also sticking to high-quality construction and usage of tiles, flooring and fittings.
The smart quotient
The new route taken by some of the developers in Bengaluru includes the smart quotient. Some of the projects here offer smart features such as home automation, which can be remotely accessed by home owners; smartphones that indicate vacant parking spots, and even burglar alarms. All these are being added to woo the IT-savvy clientele of the city.
(Katya Naidu has been working as a business journalist for the last nine years, and has covered beats across banking, pharma, healthcare, telecom, technology, power, infrastructure, shipping and commodities)