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Bangalore luxury homes market worth a billion dollars : JLL

The Economic Times, Sobia Khan, Bangalore

September 17, 2012


Bangalore's luxury residential market has seen a major transformation in the recent past, with the Kingfisher Tower setting new capital values benchmark of Rs 30,000 per sq.ft in the super luxury category, says Jones Lang LaSalle India.

According to JLL's data, residential property capital values in Bangalore have increased by 25% since the trough in mid-2009. Currently, the absorption of residential spaces in the city is skewed towards the Rs. 3000-7500 per sq.ft price band, but there is also significant momentum in the price band of Rs. 7500 per sq.ft and above.

"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," says Karun Varma, managing director (Bangalore & Kochi) JLL.

While Bangalore's CBD has traditionally been the location of choice for luxury homes, north Bangalore and whitefield have emerged as strong alternative destinations for such projects. Some of the upcoming luxury projects in Bangalore's CBD includes Prestige's Edwardian, VanGogh's Garden by Total Environment, Century's Renata and Nitesh Estates' Logos.

"The capital values on 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 will be no stopping Bangalore's residential market," says JLL.