Ban­ga­lore is the new des­ti­na­tion for lux­ury liv­ing

Accommodation Times - - .. Nation.. -

Ban­ga­lore is home to In­dia’s most ac­tive lux­ury res­i­den­tial mar­ket, ac­cord­ing to a re­cent re­port by Jones Lang LaSalle.

Prices of high- end res­i­dences pri­vate homes val­ued at INR50 mil­lion (USD828,000) and above—are 20 to 30 per­cent more af­ford­able in In­dia’s in­for­ma­tion tech­nol­ogy cap­i­tal than in top-tier cities of Mum­bai and Delhi, the re­port stated.

The high qual­ity of build­ing tech­niques, ma­te­ri­als and ameni­ties all con­trib­ute to Ban­ga­lore’s edge in the lux­ury seg­ment, which is dom­i­nated by some 10,000 lo­cal mil­lion­aires, as well as af­flu­ent Kolkata- and Chen­nai-based in­vestors.

“While lux­ury apart­ments that cost be­tween 6 crores and 30 crores ( USD994,000 and USD5 mil­lion) may seem ex­or­bi­tant, they are in fact very rea­son­able when com­pared to the rates go­ing in pre­mium lo­ca­tions of es­tab­lished cities like Delhi and Mum­bai,” Om Ahuja, CEO of res­i­den­tial ser­vices at JLL In­dia, told.

Ban­ga­lore is the third largest real es­tate in­vest­ment des­ti­na­tion for In­dia’s high net worth in­di­vid­u­als, af­ter Mum­bai and Delhi, the re­port added.

More­over, con­sul­tancy firm LJ Hooker stated in a sep­a­rate re­port that about 5, 400 lux­ury homes will be added to Ban­ga­lore’s high-end hous­ing mar­ket, which tem­po­rar­ily ex­pe­ri­enced a slow down dur­ing elec­tion pe­riod, but has since re­cov­ered.

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