About 1,100 super luxury home units with price tags of Rs 5 crore and above are in various stages of construction and completion in the city.
“This translates into a market worth more than a billion dollars. Even then, the capital values on Bangalore’s super luxury homes market are more attractive than those of Mumbai or Delhi,” said Karun Varma, managing director - Bangalore & Kochi, Jones Lang LaSalle India.
“Once the city’s infrastructure development catches up with the current pace of real estate development, there will be no stopping Bangalore’s residential market,” he added.
In the city’s central business district (CBD) alone, over 130 units in luxury residential projects are in different stages of construction and completion, each unit priced at Rs 5 crore and above. These luxury residential units account for $100 million.
While Bangalore’s CBD has traditionally been the location of choice for luxury homes, North Bangalore and Whitefield have also emerged as strong alternative destinations.
Meanwhile, the Devanahalli and Hebbal sub-markets are also showing an impressive scale of activity on the premium and luxury projects front.
These areas are seeing development largely due to the ongoing and planned infrastructure developments there, with the establishment of Bangalore International Airport being one of the primary catalysts for the North Bangalore micro-market.
“North Bangalore has already seen the arrival of premium projects such as Prestige Golfshire, Embassy Boulevard and Embassy Lake Terraces, which are scheduled or under construction in Devanhalli and Hebbal,” Varma said.
Rise in capital value
According to Jones Lang LaSalle India data, residential property capital values in Bangalore have increased by 25 per cent since the trough in mid–2009, without factoring in inflation.
Currently, the absorption of residential spaces in the city is skewed towards Rs 3,000–7,500 per sq ft price band, but there is also significant momentum in the price band of Rs 7,500 per square feet and above.
According to Varma, “The city’s luxury residential market is seeing a major transformation with the Kingfisher Tower setting a new benchmark in capital values (selling upwards of Rs 30,000 per sq ft) in the super luxury category.”
The new dynamics being seen now have been referred to as the “coming of age” of Bangalore’s residential market.
“I agree with this definition. We are certainly witnessing a remarkable maturing process here,” he added.
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