The realty market that was down in the dumps during the economic crisis is bouncing back with a vengeance and home buyers are on a shopping spree again. And it is the high end homes with 5 star amenities that is seeing the most action. The new breed of luxury homes offers home theatre lounge, private elevators, home office, plunge pools, sundecks and all the five-star amenities that flaunt affluence.
Total Environment, a major realty player has launched a project in the heart of Bangalore called Van Gogh’s Garden that offers 17 customized apartments measuring 4,300-9,300 square feet that cost anywhere between 140 to 200 million Indian Rupees. According to Sanjaya Hasthak, the business development head of the company, it is only the business leaders with a global outlook who buy such plush homes.
Bangalore is commanding a premium of Rs 12,000 -Rs 25,000 per square feet in the super luxury space. The prices for the premium properties have gone up by 20% in the last year and a half. Another city-based developer Skyline Constructions is offering six boutique apartments, coming up just off Brigade Road which is a ‘by-invitation’ project costing Rs 120 to Rs 220 million. Each apartment boasts of a private swimming pool attached to it.