Bangalore becomes 'billion dollar housing market'
"The city's luxury residential market has seen a major transformation in the recent past, with the upcoming Kingfisher Tower setting new capital values benchmark (upwards of Rs 30,000 per square feet) in the super luxury category," said Karun Varma, Managing Director - Bangalore & Kochi, Jones Lang LaSalle India.
The new dynamics being seen now have been referred to as the 'coming of age' of Bangalore's residential market. "I agree with this definition. We are certainly witnessing a remarkable maturing process here," he added.
According to Jones Lang LaSalle India data, residential property capital values in Bangalore have increased 25 per cent since the trough in mid-2009, not factoring inflation.
Currently, the absorption of residential spaces in the city is skewed towards the Rs 3,000-7,500 per square feet price band, but there is also significant momentum in the price band of Rs 7,500 per square feet and above.