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ET Now: Bengaluru emerging as next luxury residential hotspot

Bengaluru Real Estate: India's tech hub emerging as next luxury residential hotspot

Bengaluru , India’s Silicon Valley, is rapidly emerging as a preferred choice for property buyers, challenging the dominance of Delhi-NCR and Mumbai. Once considered a secondary player, Bengaluru is now at the forefront of India’s growing luxury real estate market . The demand for properties in is driven by a surge in high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) seeking bespoke residences.

According to an ANAROCK report, Bengaluru, which is India’s tech hub, has witnessed a 57 per cent rise in average residential prices over the past 5 years.

Luxury Living

Pavan Kumar, founder and CEO of White Lotus Group, said that developers have quickly adapted to the changing trend by launching ultra-luxury projects to meet buyer need and expectations. This, he said, aligns with a global shift where luxury living is gaining preference.

As per Knight Frank data, Bengaluru’s luxury segment in the Rs 2 to 5 crore price range grew by 91 per cent in 2024 compared to 2023, surpassing Mumbai and Delhi in growth rates. This momentum, he said, signals a fundamental shift in luxury real estate demand across India’s major metros.

“Bengaluru’s ultra-luxury real estate market is growing rapidly, driven by a discerning class of homebuyers who seek more than just a premium address. They are looking for homes that integrate sustainability, personalization and exclusivity,” Pavan Kumar said.

New Generation Of HNIs
Maninder Chhabra, director – sales, marketing & CRM at Century Real Estate, said that Bengaluru has firmly positioned itself as a thriving hub for ultra-luxury real estate, competing with Mumbai and Delhi in terms of exclusivity and design. “The city’s thriving start-up ecosystem and rising employment opportunities are creating a new generation of HNIs who seek residences that match their aspirations”.
“This surging demand for luxury properties is evident in the success of our ultra-luxury project, which has achieved an unprecedented Rs 1,000 crore in sales within just 6 months. With prices ranging from Rs 6 crore to Rs 30 crore, homes are attracting the city’s most discerning buyers,” he said.

“Bengaluru is redefining the ultra-luxury real estate market. With its combination of innovation, global connectivity and changing luxury market, it is little wonder that the city is emerging as the new hub of premium living. With the city’s world-class infrastructure, combined with its cosmopolitan lifestyle, the city presents unprecedented opportunities for discerning investors,” Vishal Raheja, founder and MD, InvestoXpert, said.

5.3% YoY Growth In Prime Residential Prices
Stating that Bengaluru is an ideal destination for those who want exclusivity and convenience in the luxury real estate space, Siddharth Maurya, founder and MD, Vibhavangal Anukulakara, said that Bengaluru, according to recent data by Knight Frank India, has witnessed a 5.3 per cent YoY growth in prime residential prices in 2023, outpacing Mumbai (4.8 per cent) and Delhi (4.5 per cent). The city also recorded a 30 per cent surge in the launch of luxury housing units priced above Rs 5 crore in the first half of 2024 alone.
“Fueled by the tech boom, rising number of HNIs and the growing desire for gated communities, Bengaluru’s micro-markets like Koramangala, Indiranagar, Sadashivanagar and Whitefield are becoming preferred destinations for discerning buyers. With increasing demand for larger, wellness-centric homes, Bangalore is no longer just India’s Silicon Valley, it is now a luxury lifestyle destination in its own right,” he said.

 

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