Premium Housing Picks Up In Bangalore Real Estate

[uuvsyi...@yahoo.com]

Residential real estate in Bangalore has entered quite an interesting
phase. On one side, the demand for luxury housing has been picking up
well in the city'internationally famous as the cyber hub of India. And
on the other hand, budget housing in Bangalore is witnessing slowdown.
The number of transactions in the residential property, mostly
apartments, priced between 25 to 40 lacs has come down, as per
property brokers. According to Mahesh Laxman, Regional Director Jones
Lang LaSalle-Meghraj, Bangalore- "It is the premium housing priced at
Rs 65 lakh plus which continues to be transacted by end user in
Bangalore."
Describing the end user, Laxman says that the end user is typically
"an actual buyer, in age between 32 and 50, belonging to the high
income category and senior management in software or multinational
companies. Even now the current offtake of residential property in
Bangalore is in the range of 50-60,000 units a year. "Meanwhile a
bouquet of new residential projects are coming up in Bangalore. "Most
of the new projects carry large-size 3-4 BHK apartments, located at
prime areas with lifestyle amenities like swimming pool, kids playing
area, car parking, theatres, open space for leisure activities, health
centre and commercial market for the daily needs," Mr Kareem of Prime
Property Consultant informed.
It simply indicates that the real estate developers have identified
the demand for higher-end housing in Bangalore and their planning is
in line with the end user demands. Meanwhile, industry experts point
out that the current slowdown in the segment of budget-housing is a
partial one and the overall mood of real estate sector in Bangalore
will be upbeat in the coming months.
Karnataka's new industrial policy has already created a conducive
environment for investment in the state and the government has
targeted 20% industrial growth in the next five years. Bangalore Real
Estate sector is poised to grow on the back of this industrial growth.
JLL-Meghraj' Laxman feels that the coming of SEZs will spin off
residential demand across all categories especially middle budget
housing as the employees will need spaces to live
in."
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