Bangalore is the new destination for luxury living
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.