Bengaluru has become the most attractive investment hub for NRIs, HNIs and techies. This has led to prompt absorption of premium residential units priced upwards of ₹1 crore.

The mushrooming IT parks, corporate offices and the city’s cosmopolitan culture have made working and living in Bengaluru attractive to the well-heeled, with builders offering integrated townships with modern amenities.

Good absorption

“The city is experiencing vibrant absorption levels. Total absorption in 2014 stood at 5,800 units as against 6,800 units launched in the same period,” said Ram Chandnani, Managing Director – Transaction Services, CBRE South Asia Pvt Ltd.

Confirming the development, Bijay Agarwal, Managing Director, Salarpuria Sattva Group, said, “Till recently, our main offering was homes ranging in the price range between ₹85 lakh and ₹1.5 crore. These homes are larger formats and located on prime locations within the central business district (CBD). The demand for these homes has been consistent. With ₹1 crore as average pricing, we will be delivering 1,300 finished homes this year.”

“Apartments/units priced above ₹1 crore commanded on an average 10 per cent share of the total unit launches in Bengaluru between 2013 and Q1 2015, with an average of around 1,200 unit launches per quarter,” said Naveen Nandwani, Executive Director, Cushman & Wakefield.

“The luxury housing segment in Bangalore is dynamic. Furthermore, there has been a steady rise in the city’s residential supply, particularly in areas such as Whitefield, Sarjapur, Kanakapura etc,” said Sanjita Cariappa, Director Marketing and Communication, Assetz Property Group.

Lesser offering

Agarwal said Salarpuria Sattva launched smaller ticket sizes, in locations a little away from the CBD for a lesser price range, starting from 45 lakh. These homes have the same quality of living and sophisticated amenities.

Demands for these homes are very high due to the rising younger profile of home buyers, especially in Bangalore. It is important to note, however, that these are high quality homes where the trust factor and the brand name are of consequence.

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