People who can afford a bit expensive apartments opt for luxury segment to buy. It includes large-format housing with amazing amenities. However, if one the same dream of living in a big house but the budget is smaller, Bangalore developers offer a differently packed product where they offer a premium unit with the luxury of space.
Surprisingly, the real estate sector does not generally use the word 'luxury' and 'premium', they recognize with using units. Also, the sizes and prices of plots and apartments vary from one city to another. Some cities might have huge difference between premium and luxurious apartments and some might have slight difference between the two. If we look at Bangalore property, the premium apartments rage from Rs 80 lakhs to 1 crore whereas the luxurious apartments starts from Rs 1 crore and above.
In Bangalore the premium and luxury segment together contributes 32%+ share of the real estate market. Separately, premium segment contributes 27% whereas the luxury segment contributes 5% of this total 32%. Also, property in Bangalore especially the premium and luxury apartments are available in the same localities.
The formats that caters to premium demand involves villas, apartments and residential houses. The most in demand is 3BHK followed by 4BHK units. The luxury units comes double the size of the premium apartments. Therefore, the per square feet value of luxury in less than for premium houses.
Earlier, a premium or luxury apartment was meant for a house that was centrally located, large and comfortable. But now, the developers understand and fulfill the need for both the premium and luxury segments. Today, amenities basically means a mix of technology and exclusivity. Though the luxury segment further gets more amenities like temperature control, digital locks, electronic surveillance systems, wireless communication and much more. Both, the premium and luxury segments provides club house, power back-up, private terrace/garden, tennis court, swimming pool, gym, walking and jogging tracks.
There is a growth in sale of both luxury and premium property in Bangalore . The lands bank in the city is accelerating consumption. Both the segments are growing vertically. Today, there are apartments as big as an entire floor, it is accompanied with terrace garden, private swimming pool, and much more. Some of these apartments also have private lounges and exclusive lifts as well. If one can afford it and believe in living life like a king, these boutique housing are the best option for them.
Property in Bangalore is speeding its pace especially in the premium and luxury segments. People are preferring to buy apartments than that of plots and prefer to enjoy the amenities offered by these apartments. This is definitely improving the real estate market in Bangalore and steadily these are coming back on track.
Source : articlesbase.com
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