Introduction
Premium homes have become buyers’ new favorites in Bangalore, & the latest “Openplot” data affirms the trend. As per the data, registrations for society apartments priced at Rs 2 crore and above grew by 47% year-on-year in 2023. What are the reasons behind the trend & how does it alter the real estate landscape in Bangalore?
Table of Contents
- Reasons for Buying Luxury Properties in Bangalore
- Rising Disposable Income and Growing Population
- Several Luxury Projects Have Been Launched by Developers
- Changing Priorities to Suit Lifestyle
- Infrastructure Developments
- Profitable Return on Investment
Bangalore exhibits a thriving residential landscape, evident by premium property prices, enduring demand, and steady appreciation. Notably, in the past year alone, home sales have increased by nearly 30%. Among the total registrations in 2023, according to OpenPlot, Rs. Premium Society apartments priced at Rs 2 crore and above saw a maximum growth of 47% over a year ago.
Rs. 50 lakhs. Assets in the 75 lakhs bracket also saw 31 percent YoY growth. However, other budget categories, i.e., Rs. 30 lakhs–Rs. 50 lakhs and Rs. 75 lakhs–Rs. 1 crore, failed to sustain homebuyer interest, reflecting a 10–19 percent decline in housing deals. From rising disposable income to the launch of premium homes, we bring you the top five reasons why luxury apartment registrations are on the rise in Bengalore.
Reasons for Buying Luxury Properties in Bangalore
High registrations are taking place in Bangalore. Most of the properties up to 2 crores are the only ones where sales are slipping. Let us find out what are the main reasons behind the rise in preference for luxury properties:
Rising Disposable Income and Growing Population
One of the main drivers behind the growing demand for luxury properties in Bengalore is the city’s strong economic and job growth. As the IT hub of India, Bangalore is home to many multinationals and startups. Formed a group of high-income professionals. This has led to an increase in the number of high-net-worth individuals (HNIs).
Consisting of successful entrepreneurs, high-level executives, and professionals, these individuals are looking for unique residences that reflect their status and lifestyle. Therefore, demand for high-end housing options priced at 2 crores and above will increase. Apartment societies offer a community-like environment and state-of-the-art security features that growing families need.
Several Luxury Projects Have Been Launched by Developers
Developers in Bangalore are responding to the demand for luxury properties. Exclusive gated communities are being built that offer a wide range of amenities. From landscaped gardens to private clubs and Wachamen services, these developments cater to the lifestyle aspirations of the affluent population.
Generally, residences that offer state-of-the-art facilities like gyms, spas, swimming pools, outdoor spaces, sports facilities, and smart home technology are in demand. Ace Developers in Bangalore is keeping this need in mind and acting accordingly.
Changing Priorities to Suit Lifestyle
Nowadays, there has been a remarkable change in lifestyle, with more emphasis on luxury, comfort, and modern conveniences. Among the rapidly growing expatriate and NRI population, there is an appreciation for international design standards and aesthetics.
Luxury developers in Bangalore are adapting to these global influences. Offers homes that seamlessly blend contemporary design with traditional elements.
Developers use lighting, green spaces, and visual architectural styles such as modern, art deco, and Victorian to enhance the premium feel of residences. The allure of world-class architecture and interior design has become an important factor in attracting buyers.
Infrastructure Developments
The city’s infrastructure has seen significant improvement, with the government investing in projects aimed at improving connectivity, transport, civic infrastructure, and urban planning. Construction of expressways, metro lines and expansion of road networks will improve connectivity even in developing regions.
Developers are influencing the development of this infrastructure. Along with bustling areas, projects are also coming up in developing pockets. This has helped narrow the demand-supply gap in the premium segment. However, modern amenities and lifestyle will experience price hikes as these projects develop despite relatively low land costs.
Profitable Return on Investment
Investors are recognizing the potential of high-end real estate. Demand for luxury properties often translates into higher resale values and rental yields. As a result, people with a focus on long-term investments are attracted to this category.
In Bangalore, properties worth Rs. 2 crores and above will increase in demand. Economic progress, development of infrastructure, and shifting lifestyles take precedence. This can be credited to a combination of factors, including the rise of the high net worth individual (HNI) population. With the city transitioning into a cosmopolitan center, the real estate sector anticipates consistent expansion in the luxury segment.
Conclusion
By following Openplot you can stay updated on the latest developments in the real estate industry. Provides informative articles, news and updates. With reliable and accurate information, it is a destination for anyone interested in learning about the real estate sector.