Prices and Other Details of High End Properties in Bangalore

The real estate industry in Bangalore has witnessed unprecedented growth in the last decade or so. The results of this growth are visible in the established and modern infrastructure of the city which edges out many other Indian cities. One of the prominent features of Real Estate Bangalore has been the increasing number of high-end or luxury homes in the city.

The IT boom in the city of Bangalore has spurred the prices of properties in the city, especially in areas which are closer to IT and commercial hubs. At the same time, it has contributed to the increase in demand for high-end properties. As per estimates, more than 10,000 individual dollar millionaires reside in the city of Bangalore.

Individuals with such high net worth would definitely want to live in homes that match up to their standard. This is the reason why more and more builders in the city are coming up with luxury projects to meet the requirements of high value customers. There are a number of areas in Bangalore where high-end properties can be found.

Let’s take a look at a few of them.

Until the late 1990s, Whitefield used to be a small suburb of Bangalore which was not very developed. However, the advent of the IT industry transformed this suburb into one of the most popular commercial and residential areas in the city. Whitefield is now home to most of the major IT companies and corporate houses of the country. This region is also popular for its high-end residential properties.

The price range for these luxury apartments may range anywhere between Rs. 1 crore to 10 crore depending on the area in square feet. There are several existing and upcoming luxury projects in Whitefield. Some of them are Prestige White Meadows, Adarsh Palm Meadows, Prestige Mayberry and Skylark Arcadia among others. The type of houses ranges from apartments to villas.

Hebbal is another major hub for high-end residential properties in Bangalore. Hebbal may be well known for a lake with the same name in the area and its flyovers, but of late it has gained popularity as a residential hotspot for luxury homes.

Here the prices of properties may range anywhere between Rs. 1 crore to 7 crore. A few of the major projects for high-end homes in Hebbal are Embassy Lake Terraces, Prestige Misty Waters, Godrej Platinum and RMZ Latitude. Proximity to the Manyata Tech Park, one of the biggest IT parks in the city, has contributed immensely towards the increase in residential constructions in the region.

HSR Layout
HSR Layout or Hosur Sarjapur Road Layout is one of the newer suburbs of Bangalore city and is known for its calm and serene environment filled with greenery. This area has seen a monumental increase in the number of residential developments mainly because it is closer to the important commercial hubs in the city. The price per square foot for high-end properties in HSR Layout can vary from Rs. 5000 to 15,000 per square foot.

Some of the popular high-end residential projects in this region are Vandana Marvel, Sobha Onyx, Devinarayans Lexington Terrace, Salarpuria Serenity and Mantri Sarovar to name a few. The coming up of renowned educational institutions in the region is only helping to increase its popularity as a residential haven.

Apart from these three, there are several other areas in Bangalore where the demand for high-end properties has risen. Koramangla, Devanahalli, Richmond Road, Old Airport Road and Indira Nagar are some of these areas. The rapidly growing Real Estate Bangalore industry has received a major boost with increase in the construction of high-end or luxury homes.

High-end properties are targeted by IT and corporate professionals earning hefty pay packages as they want to live in houses that live up to the standard of their job profiles. The other category of customers who purchase luxury properties are entrepreneurs who run large businesses with a huge turnover and high on profits.

High-end or luxury homes provide top-notch facilities for those residing in such properties from swimming pools to gyms to community halls to children parks to integrated sports complexes; you name it and they have it all. There is also the added advantage of a cleaner and greener environment in and around high-end homes.

Living in today’s luxury homes can be considered as the modern equivalent of living in palaces. The affordability may come to one’s mind when thinking of such homes, but then the high-end homes are not for everyone, are they?

Builder told to compensate flat buyers for delivery delay

BANGALORE: The Karnataka State Consumer Disputes Redressal Commission has asked a builder, who failed to deliver flats to buyers in time, to compensate three of his clients.

SA Kabeer, managing director of Alpine Housing Development Corporation Development Limited, and Mohammed Shariff, power of attorney holder for Kabeer, have been directed to pay the three complainants Rs 15,000 each from July 2009 in lieu of the rent and interest expenditure they incurred due to non-delivery of the housing units.

Setting a 45-day deadline for registration of the flats, the court told the builder that all amenities and world-class facilities, as stated in the brochure, should be provided. In case the builder fails to execute the sale deeds, the firm has to return the Rs 1.2 crore paid by the complainants with 18% interest from the date of payments.

“The house rent prevailing in the open market for a two-bedroom well-furnished house is between Rs 12,000 and 15,000 per month. The developers issued a colourful brochure stating that they will provide all world-class amenities and facilities like backup generator, lift, departmental store, playground and swimming pool among other things, but failed to do the same. Had they executed the sale deeds in time, the complainants could have avoided paying rents, a minimum of Rs 15,000 per month. So the company is liable to pay compensation by way of rent from January 2009 till realization,” the bench of Justices K Ramanna and GT Vijayalakshmi said.
The developer has been further directed to pay Rs 5,000 each to the two complainants towards litigation expenses.

What happened
In the brochure for its project Alpine Villa at Seegehalli village, Bidarahalli hobli, Alpine Housing Development Corporation Development Limited promised that flats will be delivered on August 5, 2007, but it wasn’t done.

In 2006, Bellandur residents Neeraj Bhope and wife Megha booked for a Q-type flat on the tenth floor of ‘Tagus Block’ in Alpine Viva. They alleged that the delay caused them to pay interest to the bankers and shell out Rs 46,55 582 till date for owning the flat. The sale consideration for the flat was Rs 39 lakh, including registration charges.

AECS Layout residents Bharat Laxmi Vetsa and husband Vinod Kumar Vetsa began paying the sale consideration in installments for a ‘G 1′ flat on the third floor of Danube block in Alpine Villa from December 2005. Due to the delay, the couple shelled out Rs 48,67,707 till date. The sale consideration was Rs 25 lakh, excluding registration charges.

Jayanagar resident Souvik Khamaru paid in all Rs 38,73,362 till now for owning a flat at ‘Rhine Block’ on the ninth floor. The sale consideration was Rs 29 lakh, excluding registration charges.

The claim
The purchasers filed their complaints seeking for a direction to Alpine Housing Corporation to execute sale deeds, give Rs 50,000 each as compensation or refund the amount deposited by them with interest at the rate of 24% per annum and compensation of Rs 5 lakh for what they termed ‘unfair trade practice ‘and ‘deficiency of service’. They further sought for payment of Rs 80,000 towards pre-closure charges.

Rameshchandra, counsel for the complainants, told the commission that as per an apex court decision, a complainant is entitled to compensation for loss of appreciation of the value of the estate if there is a non-delivery or no construction within stipulated time. He also said that apart from incurring huge amount on payment of interest and pre-closure charges, one of the complainant was forced to pay a rent for Rs 18,000 per month as the flats were not delivered in time.
The defense

The builder contended that they couldn’t complete the work because of the rise in cost of materials, labour and transportation, delay in acquisition of land and also because of instructions from BDA and KPTC to stop further construction. However, the bench felt that the company failed to prove the same by producing documentary evidence.

The Real Estate Landscape of Bangalore

The global Information Technology boom was responsible for one thing in Bangalore. It changed the landscape of the city forever and for good. Bangalore is now seen as a city where there are opportunities aplenty and is therefore counted as one of those cities which drive the country’s economy. The technological and the economic growth of the city have further translated into infrastructural development and demand for real estate.

Real Estate Bangalore: The Role of IT
The IT and its associated sectors, Telecom, Engineering and all the other industries are producing job opportunities like no other. This is therefore drawing engineers and other professionals to the city to seek better pastures. The exodus of the professionals to Bangalore is one of the main reasons due to which there is pegging demand in the Real Estate Bangalore.

It must also be borne in mind that the real demand in the real estate sectors; residential and commercial is primarily in areas around the IT Hubs. The remaining areas in the city are merely a result of the trickle over effect. The IT Majors such as Wipro, Infosys, TCS etc. have concentrated themselves in the South and Central parts of Bangalore. This has led to an unprecedented demand for residential and commercial properties in the Bangalore Real Estate arena. Following the demand, the areas in these parts are experiencing inflated property prices and, have reached a point of near saturation.

There are several areas in suburban Bangalore which house the IT Parks. These areas are situated along the arterial and peripheral roads of Bangalore. The IT parks have also given rise to the number of shopping malls in their vicinity. Therefore there has been a significant development on the real estate and infrastructure in and around these areas. The demand for residential properties and the apartments was natural fallout along the peripheral roads.

The relocation of the International airport to North Bangalore has been seen the principal reason for the escalation of real estate Bangalore. prices in the adjoining areas. The proposed high speed metro and the development of an elevated highway for faster connectivity are also contributing to the infrastructural growth in the city.

The city of Bangalore has traditionally been an educational hub. The city has been attracting students from far and wide for various professional courses. This has therefore led to an escalation in the rentals and also opened a window for further development of residential properties.

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