62% of homebuyers are confident about better future earnings in real estate. 23% House sales growth in Bangalore in H1 2023 compared to H1 2022. So, explore how to buy the best luxury real estate in Bangalore with the top 10 project suggestions as per experts.
Bangalore – Also referred to as the “Silicon Valley of India”. It has witnessed a surge in luxury real estate developments in recent years.
The city’s thriving IT sector, pleasant climate & cosmopolitan culture have attracted both domestic & international investors looking to buy luxury properties.
Real Estate Demand In Bangalore
Due To Increase In Demand For New Residential Homes, Many Localities In Bangalore Had Double Digit % Property Price Growth.
So, this made multiple localities of Bengaluru have a per sq. ft price ranging from Rs. 5500 to Rs. 11,700.
Even though the initial half year of 2023 had a 23% growth in the home sales compared to H1 of 2022.
If still you are not convinced to invest in Bangalore then have a look at the facts that 51% of homebuyers in Bangalore prefer 3 BHK, 36% prefer 2 BHK & only 5% prefer 1 BHK flats.
So, now it’s time for you to learn how to buy luxury real estate in Bangalore.
And have the opportunity to know the latest top 10 luxury properties in Bangalore preferred by the experts.
- Understanding Luxury Real Estate Market In Bangalore
- Steps To Buy Luxury Real Estate In Bangalore
- Top 10 Luxury Properties in Bangalore
Understanding Luxury Real Estate Market In Bangalore
Before diving into the process of buying luxury real estate in Bangalore, it’s essential to understand the market dynamics.
Bangalore’s luxury real estate market is diverse and offers various options such as high-end apartments, villas, penthouses & more. To get started, here are some key insights into the luxury real estate market in Bangalore:
- Location Matters
Bangalore boasts upscale neighborhoods and localities that are prime locations for luxury real estate.
Areas like Indiranagar, Whitefield, Koramangala, and Hebbal are popular choices among luxury homebuyers. Research these locations to identify the one that suits your preferences and requirements.
Average 2 BHK Budget Range In Bangalore
Central Bengaluru – Rs. 1.4-1.8 Cr
East Bengaluru – Rs. 52-60 Lakhs
North Bengaluru – Rs. 55-65 Lakhs
South Bengaluru – Rs. 50-56 Lakhs
West Bengaluru – Rs. 52-60 Lakhs
- Types of Luxury Properties
Luxury real estate in Bangalore comes in various forms. You can choose from spacious villas with lush gardens, high-rise apartments with stunning views, or exclusive penthouses that offer the epitome of luxury living.
Each type of property has its advantages, so consider your lifestyle and preferences when deciding.
- Budget & Financing
Determine your budget for purchasing luxury real estate in Bangalore. Keep in mind that luxury properties often come with a higher price tag.
It’s advisable to consult with financial experts and mortgage providers to explore your financing options and ensure you’re well-prepared financially.
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- Builder Reputation
Research the reputation of builders and developers in Bangalore’s luxury real estate market.
Established and reputable builders often deliver quality construction and adhere to timelines. Online reviews, testimonials, and word-of-mouth recommendations can help assess a builder’s track record.
- Customization & Amenities
Luxury properties in Bangalore often offer a high degree of customization and exclusive amenities.
Consider your lifestyle requirements and whether the property provides the features you desire like swimming pools, fitness centers, landscaped gardens & many more.
- Market Trends
Stay updated on market trends and fluctuations in property prices. This will help you make an informed decision regarding the timing of your luxury real estate purchase.
Engaging with local real estate experts and attending property exhibitions can provide valuable insights into market conditions.
Bengaluru Property Trend
As Of H1 2023 Sales, Around 30,700 Houses Are Been Sold. This Is 23% Growth Compared To H1 2022 Sales In Bengaluru
Steps To Buy Luxury Real Estate In Bangalore
Now that you have a better understanding of the luxury real estate market in Bangalore, let’s explore the steps to purchase your dream luxury property in the city:
Define Your Requirements
Before you start your property search, clearly define your requirements and preferences.
Consider the type of property, location, budget, number of bedrooms & specific amenities you desire. This initial step will help you narrow down your options and streamline your search process.
Research & Shortlist Properties
Once you’ve defined your requirements, begin researching luxury properties in Bangalore.
You can use online real estate platforms, consult with local real estate agents, and explore builder websites to identify potential properties that match your criteria. Create a shortlist of properties that pique your interest.
Schedule visits to the shortlisted properties. This step is crucial as it allows you to physically inspect the properties, assess their condition, and get a feel for the neighborhood.
During property visits, pay attention to details such as construction quality, layout, and any potential maintenance or renovation requirements.
Bengaluru BHK Preferences
5% Prefer 1 BHK Flats, 36% Prefer 2 BHK, 51% Prefer 3 BHK & 8% Prefer 4 BHK & Above Configuration Flats In Bangalore.
Consult With Real Estate Experts
Engage with experienced real estate agents or consultants who specialize in luxury properties in Bangalore.
They can provide valuable insights, negotiate on your behalf, and assist in navigating the complex paperwork associated with luxury real estate transactions.
Legal Due Diligence
Make sure that the property’s legal aspects are thoroughly examined.
Including verifying the property’s ownership, checking for any pending legal disputes & confirming that the property complies with all local regulations and permits. Consulting with a legal expert is advisable to avoid any legal complications later on.
Evaluate your financial situation and decide on the financing method for your luxury property purchase.
This may involve using personal funds, securing a mortgage, or exploring other financing options. It’s crucial to have a clear financial plan in place to fund your purchase.
Average Rate Per Sq. Ft In Bengaluru
Central Bengaluru – Rs. 11,750 Per Sq. ft
East Bengaluru – Rs. 5,600 Per Sq. ft
North Bengaluru – Rs. 5,800 Per Sq. ft
South Bengaluru – Rs. 5,300 Per Sq. ft
West Bengaluru – Rs. 5,550 Per Sq. ft
Negotiation & Offer
Once you’ve identified the property you want, engage in negotiations with the seller or builder.
Real estate transactions often involve negotiation & it’s essential to strike a deal that aligns with your budget and requirements. Be prepared to make a formal offer when both parties reach an agreement.
Bengaluru Prefers New Homes
As Per Reports, Homebuyers Of Bengaluru Prefer Primary Residential Property Over Resale Homes.
Documentation & Legal Formalities
Work with legal experts to complete all the necessary documentation and legal formalities.
This includes drafting the sale deed, conducting title transfers, and ensuring that all property-related taxes and dues are cleared.
Legal experts will guide you through these processes to ensure a smooth transaction.
Closing The Deal
Once all legal and financial aspects are in order, it’s time to close the deal.
This involves signing the sale deed, transferring the property’s ownership, and making the necessary payments, including the final purchase price and associated fees. After the closing, you become the official owner of the luxury property.
After acquiring your luxury property in Bangalore, there are several post-purchase considerations
- Interior Design & Furnishing
Personalize your luxury home by hiring interior designers and furnishing it according to your taste and style.
- Property Management
Consider property management services if you plan to use the property as an investment or vacation home.
These services can handle maintenance, rentals, and other aspects of property ownership.
- Security & Safety
Invest in robust security systems to ensure the safety of your luxury property, especially if it’s a second home
- Resale & Appreciation
Keep an eye on the real estate market trends in Bangalore. Luxury properties often appreciate in value over time, and you may consider selling or upgrading your property in the future.
Future Earnings From Real Estate
As Per H2 2023 Reports, Around 62% Of Homebuyers Are Confident About Future Earnings, 29% Are Not Clear & 9% Are Not Confident.
Top 10 Luxury Properties in Bangalore
Knowing the most preferred luxury property in Bangalore & why so, this has to come from the experts of the real estate sector.
So, here we are, the experts of Homebazaar.com have filtered the best out of the best homes for you considering the affordability, legal aspects & future price appreciation.
|Has there been an increase in demand for luxury properties in Bangalore?
Yes, The real estate market in Bangalore has witnessed a 23% growth in home sales in the first half of 2023 compared to H1 2022.
|What are the preferred property sizes among homebuyers in Bangalore?
Homebuyers in Bangalore show a preference for larger properties, with 51% favoring 3 BHK, 36% preferring 2 BHK, and only 5% opting for 1 BHK flats.
|Which are the prime locations for luxury real estate in Bangalore?
Prime locations for luxury real estate in Bangalore include upscale neighborhoods like Indiranagar, Whitefield, Koramangala, Electronic City & Hebbal. Researching these areas is essential to find a location that suits your preferences.
|What is the budget range for 2 BHK properties in Bangalore?
The budget range for 2 BHK properties varies by location in Bangalore. For example, in Central Bengaluru, it ranges from Rs. 1.4-1.8 Cr, while in East Bengaluru, it’s between Rs. 52-60 Lakhs.
|Which are the top 10 luxury properties in Bangalore?
Brigade El Dorado, Godrej Ananda, Brigade Orchards, Assetz Bloom & Dell, L&T Raintree Boulevard, Bhartiya City Nikoo Homes, Godrej Splendour, Godrej Park Retreat, Purva Atmosphere & Pavani Mirabilia are the top 10 luxury properties in Bangalore as per experts in HomeBazaar.com.