Bangalore has been witnessing a huge demand and supply in the luxury housing segment category. The reason behind the splurge into this segment
Rapid urbanization, growing levels of income and population has stimulated the demand for luxury homes in India. Luxury residential property market has become the fastest growing real estate trend in the world. It is not only attracting domestic real estate developers but also foreign investors. Thus, it was only natural for major builders to get into the luxury segment.
What is the future of luxury in Bangalore? Also, what are the future trends for luxury in the city?
The fact that new, high-end residential projects are being announced across the country is a sign that the country’s appetite for luxury homes is growing. Bangalore is no different.
According to global real estate consultancy, Cushman and Wakefield, developers are planning to launch about 9,000 homes in the super luxury segment across major cities in India over the next 2-4 years. Demand for premium housing has witnessed a growth of 10 to 15 per cent in the last three months and prices have increased due to rising demand.
The outlook of people has changed drastically. There is a paradigm shift from a “necessary asset” item to a “branded product” and an “expression of one’s social status” as far as luxury projects is concerned. New-age luxury home buyers are now ready to spend a significant amount on the aesthetics of kitchens, bedrooms and bathrooms. We anticipate that the South Indian real estate market will continue to dazzle in terms of the luxury housing segment.
Are customization offered in these luxury projects? What is the cost of customization?
Yes, customization’s are offered in these luxury projects. These largely include layout changes to a certain extent. The cost of customization varies depending upon the requirement of the client and construction status of the project.
Mainly Targeted to:
This soon is becoming a niche sector for the developers, as splurge in economic conditions also wont effect to that extent. Social status of an individual matters to most, Luxury homes are mainly targeted to the higher segment of the society. (Senior management, corporate houses, non-resident Indian businessmen and high net-worth individuals).
The middle class people are not left behind in all this fancy new homes with all the modern amenities to one’s disposal. There are many developers in Bangalore who work towards mid range apartments and flats. Where the quality and amenities are not compromised to the price difference.
One such name in Bangalore is Dreamz Infra Pvt Ltd, they have come up with many such properties in different parts of Bangalore. With staggering discounts and excellent review from customers have made the difference to stand out in this alley of property developers in Bangalore.
Source: The Times of India, Bangalore