Bengaluru is witnessing a significant surge in demand for luxury apartments priced at ₹10 crore and above, paralleling Mumbai’s renowned real estate market. Developers in Bengaluru are responding swiftly to this trend by increasing their offerings in the high-end residential segment.
A spokesperson from Prestige Group remarked, “There has been a noticeable uptick in both enquiries and sales conversions.” This surge in demand is reflected in a recent JLL report, which highlights the sale of approximately 680 residential units priced above ₹5 crore during the first quarter of 2024 in Bengaluru, underscoring the city’s growing prominence in luxury real estate. The upper echelon of Bengaluru’s luxury housing market, spanning ₹5 crore to ₹20 crore, traditionally considered niche and slow-moving, has seen prices rise by an average of 10% over the past two years, with sales volumes increasing by 20-30%, according to Knight Frank India.
In contrast to Mumbai, where space optimization is paramount due to high land costs and limited availability, Bengaluru offers larger living spaces for similar price brackets. For instance, a ₹10 crore investment in Bengaluru can secure a spacious 4BHK unit spanning anywhere from 3,600 to 8,000 square feet in prime locations across micro-markets like Bellandur and Rajaji Nagar. Noteworthy transactions in Q1 2024 include five deals each at Adarsh Palm Retreat Villas in Bellandur and Phoenix Kessaku in Rajaji Nagar. These transactions involved 3 and 4 BHK units ranging from 3,000 to 11,967 square feet, illustrating the robust demand for expansive luxury residences in Bengaluru’s flourishing real estate landscape.
