Altogether, Bangalore has approximately 1100 super luxury home units price-tagged at Rs. 5 crore in various stages of planning and construction. This translates into a market worth more than a billion dollars.
Many tend to look at these super-luxury residential properties as irrational extravagances. However, the ground reality is that the homes of India’s super-rich play their own role in boosting commerce, even as the larger industry remains democratized and oriented to the needs of the masses.
I have wondered for long about why so much ‘non residential space’ is being provided along with a humble house where the space loading is as high as 80% on the carpet area of the house and I think I found the answer in Mumbai’s abysmal availability of open spaces.
Both the economy and the residential property sector are currently in a state of uncertainty. This has resulted in a rather prolonged period of vacillation and hesitancy among home buyers in India.
Information Technology is, beyond doubt, the sole factor for the development of South Bangalore, Whitefield and ORR. The prime reason for end users or investors to invest in these corridors is IT, with all its promises and prospects. The high-end catchment in South Bangalore – Bannergatta Road up to Accenture, Koramangala and Outer Ring Road near Silk Board. Varthur Road, Whitefield Main Road and ITPL Road are ideal for premium projects. The complete stretch of the Outer Ring Road from Silk Board to Marathahalli can also accommodate high-end projects.