From being known as the garden city of India to now being called the cradle of the Indian IT revolution, Bengaluru has grown by leaps and bounds. Today, this Southern city in India has also become the choicest luxury housing destination of the High-Net-worth Individuals (HNIs) and Non-Resident-Indians (NRIs).
Thanks to its real estate boom. The industry which had witnessed some dip following the Covid-19 pandemic has been steadily bouncing back to normalcy. And the trend shows that the luxury housing and premium boutique homes market is consistently rising.
A city with salubrious climate
Today, Bengaluru is home to entrepreneurs, industrialists, and a range of wealth creators. Apart from being the IT hub, it is also home to a lot of start-ups with ground-breaking ideas.
Bengaluru is blessed with excellent weather conditions which makes it one of the top 8 cities of the world for innovation and ideal for living. It is situated on a plateau at an altitude of 914 meters above sea level. This helps Bengaluru in having a uniform weather condition throughout the year. This creates a perfect setting for residing and doing business here and has attracted many new age businesses including IT and ITeS.
Hence it is dubbed as the IT hub or Silicon Valley of India. Moreover, a number of forests, gardens and large cover of trees gives the city a remarkable set of lung spaces. The salubrious climate is one of the biggest strengths that Bengaluruans enjoy and it is round the year. They do not have to worry about heat waves, buying ACs and shelling out high cost power bills. Though in recent times general temperature may have risen a notch higher than it used to be earlier but still the overall climatic condition is pleasant round the year.
An uptick in millennial workforce
Every year Bengaluru witnesses a rise in 100,000 employees in the IT/ITeS sector alone, where the ultra-high-salaried comprises five percent of the total population. These people are constantly on the lookout for high-end homes, especially villas, luxury residences, and premium boutique homes.
Moreover, after the pandemic, when social distancing and other Covid-19 protocols have become a way of life people are becoming increasingly protective of their families. So those who can afford are pivoting towards the premium boutique homes.
Known as "limited edition" residences, these premium boutique homes are constructed in some of the most sought-after locations with very few units. The rise in the demand for premium boutique homes is growing due to the homebuyers looking at living in close vicinity of the city centre. This enables them to reach out to the best of social infrastructure quickly.
The luxury boutique home developers are highly specialized and they cater to this particular segment beautifully. Though developing such boutique homes for a discerning set of customers comes with its own challenges, but a select group of boutique developers have honed their skills almost to perfection and have displayed excellence in the delivery of these hi end products. In this unique business proposition homes have been built and delivered on time.
High-end amenities, a top draw
The premium boutique homes are customized properties with top-of-the-line facilities. The latest luxury boutique home project to have been launched in Bengaluru is in the Jayanagar area, which is one of Bengaluru's most beautiful, cosmopolitan residential spaces. Other prime locations include Koramangala, Whitefield, Sarjapur, etc. According to JLL, India, a global real estate services firm, Koramangala was among the top-performing regions in Bengaluru in 2021 that witnessed a steady sale in properties. Out of the total property sale, luxury homes comprised 20-23 percent of the total sale value.
Work-from-home, a key drive
Following the pandemic, work-from-home and other formats of hybrid work cultures have become the new normal. So, homebuyers are looking out for larger and more comfortable spaces to relax and work from. They now need a separate area, within the house itself, but segregated from the rest of the family. Children tend to interrupt calls and meetings when they barge into the room with the door left open. Or they sometimes even slam the door very hard if bolted from inside. So, a large, customized home can make people feel close to their family while allowing them to focus on their work.
The burgeoning luxury housing and premium boutique homes market in Bengaluru is really attracting attention of people with finer tastes and lifestyle in the centre of the Bengaluru city. With the properties offering world-class facilities coupled with picturesque landscape, the ultra-rich are enthusiastically investing in these. Homebuyers love to invest in luxury properties in Bengaluru, due to the strong infrastructure of the city and also the design of the homes that meet their international lifestyle.
