Bangalore is emerging as India’s top luxury home market, according to a new report.
JLL India highlighted Bangalore as a rising luxury home market*, the Times of India reported.
The property consultants cited quality of construction, design, ventilation and floor plans as some of the factors that make Bangalore stand out.
What makes the real difference, though, is the realistic pricing of luxury residential units in the city in comparison with Mumbai and the National Capital Region (NCR). Om Ahuja, CEO of residential services at JLL India, said that luxury properties in the city were around 20-30% cheaper than in Delhi and Mumbai.
Bangalore is known as India’s IT capital, and a lot of the demand for luxury property comes from millionaires in this sector. The city is also number one in terms of NRI (non resident Indian) investment. The market slowed down during election period, but consultancy firm LJ Hooker has said that is has now recovered, with 5400 units currently being planned or constructed.
*(Luxury homes defined as units above INR50 million, around US$828,000).