With the latest launch from Godrej Properties eyeing the revenue of Rs 1,000 Cr, the real estate market in the IT city has become hotter. An exclusive report by SURFACES REPORTER on the prominent launches in the cities from last year and what it means for the market.
Latest real estate status in the city
The IT city is seeing a constant upsurge in the high-ticket properties in last few years. Properties in better locations and higher amenities are in great demand. Notable developers from across the country recognized the trend and hence the boom in real estate. In the last few months, we have a seen a number of mid and high value properties being launched in the city by developers including Godrej Properties, Prestige Group, MANA, Birla Estate, Navin Group etc.
Godrej Properties has "purchased a 4-acre land parcel in Yeshwanthpur abutting the National Highway - 75, one of the prime locations in Bengaluru. According to the company, the project is estimated to have a developable potential of about 0.7 million square feet of saleable area comprising primarily of premium residential apartments. It is eying a revenue potential of Rs 1,000 crore with "scope to increase to Rs 1,250 crore basis additional 1-acre land acquisition, making it a 5-acre parcel."
MANA, one of the prominent developers from the city has launched MANA Jardin Neo, ultra-Luxury 3, 4 & 5 BHK Penthouse Apartments. Spread over 2.40 acres and 2 towers, there are only 80 flats for 20 floors.
The demand for quality real estate can be ascertained from the fact that Birla Estate, the real estate unit of Aditya Birla Group, has sold out phase 1 of Birla Trimaya within 36 hours of its launch. The 52-acre land parcel having almost 556 units booked for for approximately Rs 500-crore booking value.
Chennai based Navin Group entered the Bengaluru residential market with an initial investment of Rs 250 crore. The proposed luxury project which will be launched in early 2024 will be designed with a biophilic theme, seamlessly integrating large decks and green terraces adorned with elegant wooden louvers.
Cashing on the same, the Bengaluru Development Authority (BDA) is nearing completion of 322 villas at Puneeth Rajkumar Housing Complex in Hunigere. With a total planned investment of Rs 271 Cr, these villas will be sold for Rs 75 Lakh - 1.1 Cr.
Rising Demand for Luxury Properties
Among all the launches, the significant trend that came out is the affinity for luxury properties. According to the latest report by ANAROCK, approximately 1,710 new luxury housing units launched in the third quarter of 2023 which is a steep rise from the 290 units launched during the equivalent period in 2018.
According to a survey by NoBroker, Bengaluru is also the top choice for non-resident Indians (NRIs) looking to buy property in India since the city provides desired lifestyle and is a safe haven for the residents.
Ar Chandrakant Kanthigavi, Principal, 4site Architects, Bengaluru said, "With the launch of the latest real estate projects by major developers, the status of luxury real estate in the city of Bengaluru is experiencing a significant surge. Developers are focusing on creating high-end, luxurious residences that offer an unparalleled lifestyle experience to their residents.
These launches are indeed expected to be a major growth driver for the city and its surrounding areas. The influx of investment and development in the luxury real estate sector is expected to attract high-net-worth individuals and expatriates, further elevating the city's status as a prime residential destination."
Need for Smart Homes
With the advent of smart technologies, the HNIs and UHNIs are looking for properties that are equipped with the smart and latest technologies. According to the Wealth Report 2023’ released by Knight Frank India, the city’s top developers are investing in smart home technology, providing residents with features such as automated lighting and temperature control, voice-activated assistants, and biometric access control systems.
Other than providing private pools, home theatres, and private gardens, the developers are incorporating cutting-edge technology into their projects to provide residents with a high level of convenience and security.
The report also highlights the city’s commitment to sustainability, with developers incorporating eco-friendly features into their projects. These features include rainwater harvesting systems, solar panels, and green roofs. The report notes that these sustainable features will not only benefit the environment but also cater to luxury buyers who are now very environmentally conscious.
*All data sourced from internet.