Bangalore property market has seen a spurt in luxury offerings, targeted to high net worth buyers looking to invest in premium property deals. Developers have entered into the market with high-end villas in Bangalore, apartments and row houses with luxury features and amenities.
While there is a huge demand for affordable housing in Bangalore, the main reason developers are jumping on the premium villa bandwagon is because of higher profitability. These villa projects in Bangalore are positioned more as life style statements, and command premium price ranges from 2 to 12 crores per unit.
These properties also tend to be larger in terms of sq. ft. area and come with added benefits like 360 degrees Wi-Fi, plug-and-play homes, Fingerprint Sensor Locks, Video Surveillance etc.
Based on our findings and analysis, there are close to 14,000 units starting at Rupees 1.5 crore /per unit that under various degrees of development in the Bangalore real estate market, with an availability of approximately 40%.
Availability increases as we move up the price range (projects starting at rupees 3 crores per unit have much higher availability) for projects above INR 3 crore/unit. Also, it is expected that there will be more supply of luxury villas in Bangalore in the near future.
The demand for these villas is low to moderate, given of the high price tag. The location, amenities and features offers, and pricing has the maximum impact on demand.
According to industry analysts, there will be slowdown in demand in the near future and a gradual pile up of inventory. This will mean that there will be some good deals in the near future when it comes to buying luxury villas and row houses in Bangalore.
We at Topbangalorebuilders.com have made it our mission to help you find those real estate deals. Below are some of the prime localities that have seen the maximum number of projects in the premium segment
Hebbal and neighboring localities have seen a string of premium villa and row house projects lately. Projects are in the price range of rupees 1.3 to 4 crores. This market is positioned as a prime locality in North Bangalore and is well connected to the Bengaluru International Airport, Peripheral Ring Road and the city limits. The area between Hebbal and Yelahanka on
New Airport Road (Bellary Road) has numerous upcoming luxury villaments, apartments and projects.
Devanahalli is another locality which has seen an array of luxury villa projects, ranging from rupees 2.5 to 5 crores.
Budigere Cross, Krishnarajapuram (KR Puram) and areas near Hope Farm, International Tech Park Limited (ITPL), and Whitefield Main Rd have seen a spurt in premium villas. Price range is rupees 2-4 crores. The locality is attractive due to its proximity to the Whitefield IT/ITES corridor and the Bengaluru International airport. However, there is a larger amount of supply in these areas, and prices are expected to be flat in the near future.
Bannerghatta Road is rapidly becoming a premier location in South Bangalore, and has had a string launches by best builders in the luxury price range (rupees 1.5 to 4 crores). The J.P Nagar and Banashankari localities have also seen a spurt in luxury villas costing rupees 2-4 crores. We do not expect prices to come down in these areas.
Yeshwantpur and Dr. Rajkumar Road have seen a number of reputed developers launch a significant amount of premium residential projects. It is one of the most in demand localities in North-West due to a strong presence of big retail chains, hotels, hospitals and proximity to the railway station and Metro Station. “One Bangalore West” (Dr. Rajkumar Road) which was launched in August 2012 is a premium residential project developed on a 17-acre plot and saw a hige demand from day one of launch.
Central business districts (Cunningham, Langford, Richmond and Kasturba Roads) have a number of premium projects in rupees 4-10 crore range. Indiranagar and Koramangala also have huge demand due to their location advantage.
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