Excellent Localities at Which to Own a Luxury Property in Bangalore

Luxury Property in Bangalore is gradually becoming more skewed towards developing more luxury units than was the case a few years ago. While a few years ago there was a stronger focus among Top builders in Bangalore to create budget homes for mid to senior level IT workers, today nearly thirty percent of upcoming projects in Bangalore are counted among the luxury segment. The market for luxury homes in Bangalore is driven by demand from expatriates, NRI’s, IT millionaires, senior executives working in IT, and NRI’s. Many high net worth individuals prefer living in Bangalore as opposed to any other city.

The Upmarket Locales of Bangalore

While Bangalore was well known as a retirement town and has many well-developed neighborhoods which served this purpose, today not only is the number of luxury projects in Bangalore increasing but so are the localities which are considered to fall in the luxury segment. Regions of the city such as Cunningham Road, Palace Road, Richmond Road, Fraser Town, Indira Nagar, and Sankey Road have always been considered luxury hotspots in the city where residents usually lived in large bungalows. Today however many homes in such localities tend to be large apartments occupied by NRI’s. Furthermore, there is also a larger presence of premium gated communities in regions of Bangalore such as Bannerghatta Road, Whitefield, Koramangala, JP Nagar, and Sarjapur Road.  Notably, the government has a keen focus to create better infrastructure in regions such as Hebbal, Kanakpura Road, Hosur Road, Jinagar, and Yeshwantpur.

Prices for Luxury Apartments in Bangalore

Luxury apartments in Bangalore can cost up to 6 crores in many regions of the city and often start from a price as low as 75 lakhs. Most flats in Bangalore at such price points are spacious 3 bedroom flats. Notably, unlike in virtually any other real estate market, in Bangalore one can buy a 4 BHK villa for 80 lakhs in the locality of Electronic City. If you want to buy a house in Bangalore in an upmarket locality it may cost you nearly 40,000 rupees per square foot in regions such as Richmond Road. Similar 3 BHK apartments in Bangalore located in Sankey Road are priced for sale at a rate of 30,000 rupees per square foot. Buyers with a more modest appetite have the option to own apartments in Bangalore in upcoming regions such as Hebbel where the price per square foot is between 4,000 to 7,000 rupees per square foot. Other regions of the city such as Koramangala, Indiranagar, and Cunningham Road carry valuations of 10,000 to 12,000 rupees per square foot. Hence a buyer who wishes to own luxury apartments in Bangalore may be able to do so for approximately one crore as there are diverse localities with differing price rates to suit many pockets.

Conclusion

Demand from NRI’s, Expats, and similarly high-flying segments is leading to a new dimension in Bangalore’s real estate market. Many such individuals are used to living in larger homes which also have every amenity imaginable. As such there are today a larger number of luxury apartments in Bangalore under development than there were at any other time in the past.