Venkatesh and Sumitra completed their higher education at Ivy League colleges in the United States and secured jobs there as well. In fact, it is where the couple met, fell in love and got married. A decade and a half, two children and a comfortable lifestyle later they are now looking at investing in a home back in Bangalore where they both incidentally hail from. The main reason being, that they would like to be closer to their respective sets of parents in their old age.
The only problem is, with the explosion of real estate in Bangalore, they are unsure of what to look for. Of course, they are looking at an upmarket luxury homes, much on the likes of what they currently own in the States. They consulted with two people in the know of the real estate industry – Sunder Dinesh, a Sr. Analyst with LiasesForas that conducts a number of researches in the field of real estate and Karthik Harsha, Joint Managing Director of Built Environment, a property development organization, for advice on the real estate scenario.
Sunder helped them understand what is available to them in various prices brackets beginning at Rs 50 lakh going upwards of Rs 2 crore. The below table summarizes what he told them.
|Price range||Classification||Avg price/sqft||Avg size *||Amenities**|
|Rs 50 lakh to Rs 1 crore||Upper end||In the range of Rs 3600 to Rs 8056 approx.||1300 to 1,955sqft approx||Parking, Mini play areas, shopping areas, pool, club house, etc.|
|Rs 1 crore to Rs 2 crore||Luxury||Rs 7500# to Rs 10,300 approx.||In the range of 1,577 to 3,000sqft approx.||Enclosed perimeter, Parking, mini play areas, joggers pathway, swimming pool, garden, clubhouse, sports facilities, security measures, malls, hospitals, theatres, hotels, schools, etc|
|Rs 2 crore and above||Ultra Luxury||In the range of Rs 10,500#to Rs 28,000 per sqftapprox.||In the range of 2200 sqft to 4100 sqft||Same as above plus private pools, private landscaped gardens/living walls, access to internationally renowned interior designers and architects for consultation, exclusive features for homes such as home theatre rooms, gyms, entertainment space custom built, etc.|
- * Varies according to locations and availability
- * 2,3 or 4BHK depending on project, floor space, apartment or villa
- ** Amenities differ from apartments to villas, also on the location and the caliber of the builder.
- # In select CBD areas and those in popular demand in South and North Bangalore especially
Karthik on the other hand, gave them a clear understanding of what to expect in terms of amenities. He explained that apartments and villas need to be looked at separately. When it comes to an upper-end to ultra-luxury apartments, the amenities you get are based on two primary factors – area and location.
For apartments available in central locations like the CBD area, or those within highly developed localities, most amenities are generally in the vicinity. Therefore, prospective buyers only look at the space being offered in the apartments and other aspects such as fixtures, interior design, technology-based features and more. The builder brand too is a consideration.
As one moves further away from the city, there is an expectation for a project to be more self-sufficient in terms of amenities. That is when swimming pools, shopping centers, groceries, play areas, club houses and other such amenities are looked for.
Villas, when considered, are generally located on the outskirts of the city. These are within gated communities and all efforts are made to make them self-sufficient. You will have medical centers, schools (play centers and day cares, where schools are not available), commercial centers, leisure options aplenty, within the community. An integrated city is what is aimed for.
Like Venkatesh and Sumitra, if you are looking for a luxury home, ascertain the area and location you would like to be based in. Make a list of all the amenities essential to you and another list of amenities that would be nice to have, though not essential. Narrow down on properties at these locations and then work on your final decision. This should help you find the home of your dreams, just as it will for Venkatesh and Sumitra.
Ramesh Kumar has extensive experience in real estate in a career spanning over a decade. With his critical expertise in sales and marketing, he has successfully launched and closed out projects across a complete spectrum of properties like plots, budget apartments, comfort homes as well as luxury villas.
Ramesh Kumar holds a Post Graduate Diploma in Management from Bombay University and is currently serving as the Deputy General Manager – Marketing & Sales at Vakil Housing.