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Luxury housing vibrant segment in Bengaluru, says JLL India

Om Ahuja, Chief Executive Officer—Residential Services, JLL IndiaBengaluru has one of the fastest growing real estate markets in India, in which luxury housing is now one of the most vibrant and dynamic segments. According to a report by Om Ahuja, CEO (Residential Services), JLL India, the growing demand for luxury housing can be attributed to the rise in the number of HNWIs, the rapid pace of urbanisation, the influx of global lifestyle trends and the fast growth of service industries. .

According to the report, in 2014, Bengaluru city witnessed the launch of around 35 luxury residential projects offering around 6,000 units, as compared to 18 projects offering a total of 4,200 units in 2013. During 2012, the market saw the launch of 17 such projects with 3,800 units.

Among the luxury housing hotspots in Bengaluru identified in JLL India report are: Palace Road, Lalbaugh Road, Frazer Town, Iindiranagar, Koramangala, Whitefield, Sanjaynagar, Hebbal, Thanisandra Road, Rajajinagar and Yeshwanthpur

In recent times, the report says, most buyers have been seeking quality products, and this is compelling developers to come up with luxury projects in conjunction with global property developers and architects. To attract buyers, developers are now trying out a variety of new products in the luxury housing segment, including Singapore-and US-style apartments, homes that are similar to plush hotels and branded luxury residences.

Developers are also increasingly adding exceptional facilities including golf greens, schools, independent swimming pools, shopping centres, indoor arenas, piped gas, meeting rooms, concierge desks, gymnasiums and similar lifestyle accoutrements. Spacious luxury apartments also invariably include top-quality interiors, bathroom fittings and kitchen decor, often using imported materials. Thus, the desirability index of upcoming projects depends significantly on their lifestyle offerings and exclusivity.