Builders in Bangalore are pulling out all the stops to provide for the well-healed the finer things in life. With the number of high net worth individuals ballooning each day, developers are going all out to lure them with luxuries.
Starting with a price tag of Rs5 to Rs6 crore, the outskirts of Bangalore - like Hebbal, Devanahalli and Whitefield - are seeing a spurt in luxury villas. Projects like 77 degrees East, Embassy Boulevard, Equinox are in huge demand with CEOs, CXOs, MDs and NRIs. Builders are building homes that are similar to plush hotels yet styled in different ways. “You have villas of the Greco-Roman style, English style etc,” says Amit Bagaria, founder, chairman and CEO, Asipac.
For instance a villa in Villas in the Sky, a project by Equinox, comes with a private bar, a private 20-foot-long lap swimming pool and home automation system. Similarly, 77 degree East by Divyasree provides private lifts, a room with a large screen for projections, a golf-driving range etc.
The customers want to live life king-size. “The simplicities of condominium living need to go beyond luxury homes. They should be a reflection of their tastes and lifestyles,” said Brotin Banerjee, MD & CEO of Tata Housing.
“When you reach a certain position in life, you want to lead a lifestyle which gives you all the comfort and luxury. Also, having lived in the US for a long time, my wife and kids wanted a lifestyle similar to that. Hence, I decided to buy a property in Whitefield which gives me a private jacuzzi, swimming pool etc,” says a COO of a biotech firm.
There are builders who plan to come up with a huge ground or individual spa room for their customers.
“Bangalore has a lot of land and it easy to develop such huge projects. Areas like Whitefield and Devanahalli are good for such kind of projects,” says Ravindra Madhudi, executive director, Samruddhi Group.
According to various reports, the demand for ultra-luxury housing is growing gradually mainly because of rise in the number of high net-worth individuals (HNIs), influx of global lifestyle trends and increase in the number of NRIs.
An industry report suggests that Bangalore’s residential market alone witnessed the launch of 85,808 units in the last three years, accounting for almost 49% of the total units. Singapore’s Jumabhoy family has floated an Indian real estate firm, Raffles Residency, to develop ultra-luxury villas in the city. The builder is providing master suites ranging up to 800sqft of space, every floor has a family get-together hub and gardens feature at all floor levels.
“Our target group is highly evolved and refined segment which appreciate the finer things in life.
They could be part of a CXO community, owners of SMEs, entrepreneurs, successful professionals and NRIs,” says Jayendra Krishna, head, sales and marketing, Raffles Residency.