Demand For Row Houses & Villas in Bangalore Expanding In Recent Times
Bangalore along with Pune is one of the hottest real estate markets in the country currently. The city has seen launches of not only multiple residential apartment complexes but also villa projects. In recent times, there have been as many as thirteen villa projects launched in the past year. During the second part of the past year roughly 6 villa projects which had 588 units were started covering an expanse of 2.2 million square feet. However, because of the slowdown in the economy, all categories of realty markets have been affected across India. The absorption of villa projects in Bangalore too has been moderate. Not all projects here are demand driven because of numerous factors.
Some of the areas in Bangalore which have unsold inventory of row houses and villas include Whitefield, Jigani-Anekal Road, Sarjapur Road, Yelahanda, Nandi Hills, Sarjapur, Marathahalli, Haralur Road, Old Airport Road, Devanahalli and Bellary Road. The sales velocity has dropped across all categories. However, luxury and mid-range homes did surprisingly well among the crop at rates of 2.7 percent and 2.5 percent respectively, moderately better than the average figure of 2 percent. The stock of inventory is around 14 months or more for all categories.
The demand for row houses and villas has increased significantly recently as indicated by the enquiries received by some villa developers of Bangalore. The demand for row houses and villas has picked up particularly in North Bangalore for the closeness to the airport and the infrastructure development proposed in the area. On an average, the sales have been in the region between 2 to 3 units in a month, as per leading developers who have villa projects on going in the city. A couple of developers are also reporting strong sales in localities such as Whitefield. Luxury villas which are priced between Rs 7.5 crores and Rs 9.5 crores have seen an increase in absorption which is boosting developer confidence. Their interest in implementing such projects is rising. Developers feel that selling high end projects is not a problem even in recessionary phases is the project is being developed by a construction company with good track record, offers favourable location and added value. Numerous villas in Bangalore have been launched which have seen sales in the local markets too.
The amenities offered in villas of Bangalore are no less than the ones in foreign cities too. From indoor swimming pools to private lifts, fancy facilities are not an object for builders. Property developers in Bangalore are leaving no stone unturned for providing facilities to the affluent citizenry. As the numbers of HNI are increasing in the city every day, developers are pulling out all stops for luring them with premium facilities. The prices of villas begin from Rs 7.5 to Rs 8 crores on the outskirts of Bangalore such as Devanahalli, Whitefield and Hebbal. These villas are mostly luxury villas. NRIs, MDs and CEOs of different companies mostly snap up these properties. Builders develop these villas modelled on plush hotels which are styled in numerous ways. You can buy villas in English style, Greco-Roman style and other popular styles of buildings.
Certain villas for instance can come with a private pool which is as long as 20 feet and has a home automation system along with personal bay. Some other villas come with private elevators, audio video rooms with large projector screens and golf driving ranges. Most customers want their life to be king side. The lifestyle that condominiums or duplex homes offer cannot be replicated in luxury homes. Luxury homes must reflect upon a person’s lifestyle and taste. When a certain position in life is reached, people want a lifestyle which offers them luxury and comfort. Most NRIs who have enjoyed certain amenities abroad want the same for their life here. They prefer to have swimming pools and private Jacuzzis in their villas in Bangalore. There are several builders to intend to create an individual spa or large ground for customers.
There is a lot of land available in Bangalore for developing such kinds of projects. Devanahalli, Whitefield and other similar areas are ideal for such projects. As per numerous reports, ultra luxury housing demand is increasing gradually increase because of the growth in numbers of HNI individuals who want to adapt worldwide lifestyle trends. The increasing numbers of NRIs have also boosted the market for villas in Bangalore.
There has been an industry report which suggests that the residential market in Bangalore has seen 85,808 units being launched in the past three years which makes up almost 49 percent of total units available. Singaporean business family, Jumabhoy has also started a realty firm called Raffles Residency which is making ultra-luxury villas in Bangalore. The company provides master suites which cover a space of 800 sq. ft. and every floor has a dedicated get-together hub for the family and the garden is featured in all floor levels.
Most builders in this segment cater to highly refined and evolved group of consumers who want the finer things of life. Usually entrepreneurs, SME owners, CXO communities, NRIs and senior managerial level people opt for these villas in Bangalore. The fact that e-commerce and IT services in Bangalore has taken off in a big way has boosted the sales of these villas. Most people who own them have made their fortune in the IT sector of Bangalore.
If you are an NRI or outstation professional looking to invest in villas in Bangalore, go online and look up websites selling real estate. Simply select the area where you want your villa to be in along with the price bracket. The website would show you the options that are available and you can contact the sellers accordingly. You should also visit the builder’s website to see what the floor plan is like and what the amenities on offer are. Make sure you look up three to four builders’ websites to compare and contrast the features on offer before approaching one for a tour. There is currently a slight oversupply of villas in Bangalore which is why you can get them at affordable rates.