There is a high demand for apartments in CBD areas in Bangalore. In recent month there is rise in demand for villas in peripheral and suburban areas which is surprising. According to Realtors, there has been mild response to a few projects which drew a lukewarm response when it was launched last year. Property developers are upbeat over the sudden spurt in demand. They attribute the response to the considerable improvement made for the operation of the international airport coming up in the vicinity.
Developers of villa projects have already notched up robust sales of over 50–75 per cent in each project. The unit cost varies depending on the size, built-up area, builder, specification, number of units in the project and other features. Cost range from Rs 1 crore to Rs 5 crore.
Developers of villa projects have already notched up robust sales of over 50–75 per cent in each project. These projects are under construction and due for completion three years from now. With the connectivity level to the international airport improving and peripheral ring road project on, leasing prospects for the villas in and around the area appear good, say realtors. This is yet another reason for the sudden surge in demand for villas.
Among others, the developers who have villa projects under various stages of implementation are Sobha Developers, Chaithanya Projects, Prestige group and Nitesh Estates. Sobha Lifestyle coming up near the international airport did not evince interest initially last year when it was launched. But this year, in the last two months alone, there has been a sudden surge in demand for such units. Chaithanya Projects, confined to real estate development within Whitefield, has launched Smaran, yet another villa project close to Saibaba Ashram. The project coming up on 32 acres of land will have 120 villas. Each 4-bedroom villa will have a built-up area of 4,800 sq. ft., and the unit price ranges from Rs3.4-3.5 crore depending on the size of the unit. The response to the project due for completion by August 2010 has been overwhelming. According to company sources, 75 per cent of the units have already been sold.
Yet another villa project has been launched by Prestige group in Doddaballapur in north Bangalore. In all, 182 villas are coming up on 33.5 acres of land area with amenities ranging from gymnasium, club house, swimming pool, provision for convenience store, indoor badminton/squash, tennis court, outdoor Jacuzzi, landscaping to children’s play area. A few developers are holding on to adequate land parcels, waiting for an appropriate moment to launch the villa project. With a number of companies shifting their operations to north Bangalore, realtors are confident of getting an average rental yield of 10-12 per cent per annum. But a section of industry experts feel that such a yield may not be possible in the initial stages given the quantum of investment involved per unit.
Links to follow:
Raheja Prices Villas At Rs 6 Crore
Buying a Luxury Villa in India
