Luxury Projects In Bangalore

East and North Bangalore have been destinations for hot property in Bangalore for some years now. However, water is a point of concern in numerous localities in this area and it might affect the pricing of property here. The areas that are covered by the BDA or Bangalore Development Authority master plan shall receive municipal water right after the completion of the water project on the River Cauvery, according to the founder of the Adarsh Group, a popular property developer in Bangalore which has constructed roughly 5 million square feet of space in Bangalore.  

However, areas under the BIAPPA or Bangalore International Airport Planning Authority located in North Bangalore and BMRDA or Bangalore Metropolitan Region Development Authority in East Bangalore might not receive water from the Cauvery. In these areas with water scarcity, it would be best to develop residential villas which are low density with low requirement of water. Moreover, on adoption of the system of dual piping which uses recycled water, the impact of water from natural resources shall be less in these developments.

There are several reasons for the premium real estate market to boom in Bangalore. A number of HNIs or High Net Worth Individuals are here who purchase villas and luxury flats. A major section of these people are from the top ranking IT professionals group and other businesses. Moreover, NRIs who are returning are potential purchasers of luxury apartments and villas. This is causing a boom in the luxury housing segment.

The standard definition of premium and luxury property is much misused nowadays. A study of the real estate market shows the definition of ultra-luxury and luxury projects according to developers.
Luxury villas and apartments are often slotted in the high price category because of the inclusion of a few important features. For example, a line of newly developed plots do not make a villa. Therefore, interactions with clients reveal what a client perceives as luxury and hence the builders develop properties accordingly. By balancing these two importance factors, you can zero in on real estate investment especially for high end ones.

One of the foremost things suggested by consultants of real estate is to form a list of facilities and environment that a buyer sees as luxury. The type of surrounding, the estimated size of rooms and garden or perhaps the size of a private pool that should be in a villa that they are thinking of investing in should be included in the list. The Indian market is a price sensitive one. Therefore, notwithstanding the financial or social status of a person, buyers ask about the fuel efficiency of an Audi or BMW car prior to making a buy. Quite alike, when priced well, premium or luxury is sensible and not simply for paying extra money for a flat that may actually become a trap to block your corpus so much so that you struggle to find a tenant or buyer later on, according to the CEO of Residential Services in JLL India.

Some pointers that need to be checked out as per industry experts prior to investing in luxury and ultra-luxury projects in Bengaluru.

Track Record: A developer’s track record on the basis of execution of past projects and present status of the project in question. These need to be charted along with the location of the project, credential of the builder and project amenities and features.

Project Density: It refers to the number of apartments in total the project is providing, the number of flats on a floor and the kinds of upcoming building projects in the locality. A residential gated community comprising of villas beside a mall or line of mid-range projects affects the ability for value or rental growth, according to builders.

Not long term always: The belief that one can make more money through luxury properties only in the long run is completely baseless. In the past decade, mid segment properties have found more or similar growth when compared with the luxury section. Buyers have to determine whether the luxury segment is actually the correct choice for them.

Knowing your trade-offs- Buying luxury assets as a once in a lifetime purchase is easy. However, the cost of maintaining the property can be back breaking equally. When you consider the cost and stress that comes with it consequently, buying 2 upper middle section properties makes more sense than buying a single premium property.

For the past couple of years, East and North Bangalore were the destinations for hot properties. For the past few months, developers have turned their attention to South Bangalore which has seen more property launches happening in the area. Post development of the NICE Road, there is improved connectivity between the IT Hub of Electronic City and South Bangalore. Keeping this point in focus, the middle section market is doing quite well in South Bangalore. Larger land parcels are available in this region which is why more launches are being made.

If you want to own a second house or apartment in Bangalore, there are several segments in which you can invest in. However, in the long run, the best one will prove to be the price range between INR 1.25 crores and INR 2.0 crores. The best locations to own second house property in Bangalore are South Bangalore, North Bangalore and Bangalore East along the area of Outer Ring Road. There are several builders who are considering projects here. The cost of 2BHK and 3BHK apartments is between Rs 70 lakhs and Rs 1.50 crores. There are several affordable housing projects coming up here too, where 1BHK and 2BHK apartments under 700sq. ft. can be bought for Rs 30 lakhs and Rs 40 lakhs. Areas such as Yelahanka, Whitefield and Hebbal Road have seen good appreciation in property values per year. With proximity to the IT companies and improved connectivity, these areas are becoming hotspots for renters and buyers of affordable housing. As explained before, maintenance costs may take a toll on you hence it would be better to invest in an affordable housing or mid segment project.