Bangalore: The luxury residential market has touched new highs in Bangalore with Kingfisher Tower coming up with new standards of capital values that are as much as Rs.30000 per sq ft in super luxury genre, affirms Jones Lang LaSalle India. LaSalle also witnessed a 25% increase in the capital values of luxury residential properties.
At present, the residential property value lies between Rs.3000-7500 per sq ft but there is an impulse in and above the Rs.7500 per sq ft mark. Karun Varma, managing director (Bangalore & Kochi) JLL said “Bangalore has nearly 1100 super luxury homes priced at Rs.5 crore and above in various stages of planning and construction. This indicates that the market is worth more than a billion dollar”.
The central Business District of Bangalore was everyone’s favorite for luxury homes, however north Bangalore and Whitefield are apparently developing as other options for such mega projects. Few of the upcoming luxury projects in Bangalore’s CBD includes Prestige’s Edwardian, Van Gogh’s Garden by Total Environment, Century’s Renata and Nitesh Estates’ Logos.
“The capital values of Bangalore’s super luxury homes market are still more attractive than those of Mumbai or Delhi. Once the city’s infrastructure development catches up with the current pace of real estate development, there would be no looking back for Bangalore’s residential market!” says Jones Lang LaSalle India.