Luxury homes coming up in Bangalore, to cost upto Rs 25 cr

October 3, 2008	(Be the first to rate this story!)  Loading ...
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Bangalore city is getting ready for luxe homes that cost a cool $3-5 million. That’s a whopping Rs 15 crore to Rs 25 crore for an apartment. The onslaught on the super-premium condo category is being crafted by leading global luxury hospitality chains, business tycoons like Vijay Mallya and Donald Trump and real-estate developers. Typically, each residence would have a built-up area ranging between 2,500 and 5,000 sqft. The penthouses might go up to 9,000 sqft, with swimming pool. At Rs 20,000 to Rs 25,000 per sqft, it should lighten your bank balance by Rs 15 crore to Rs 25 crore.

Globally, such houses come with a 24-hour concierge service, housekeeping, sommelier service, access to food and beverage, all for a monthly charge that could start at $1000 (Rs 50,000) and going up to over $10,000 (Rs 5 lakh). End-users can buy these properties and then lease them back to the operators for defined periods and earn up to 12% of the total cost of the home as rentals. Industry analysts say most buyers are likely to be expats and NRIs used to such lifestyle. Developers feel there is also a growing number of Indian CEOs and high-net worth individuals who are demanding the most luxurious homes — most appealing interiors, the ultimate in-service and absolute exclusivity — all of which a branded residence can offer.

News Published Under:   Bangalore |

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