Century Real Estate has launched first luxury villa township Century Istana in Bangalore. This high-end project is spread over 68 acres at Devanahalli and be and the villas will be priced between Rs.2.5 and Rs.4.5 crore each.
The gated project will have 120 villas ranging between 4,000 sqft and 5500 sqft. Other than the villas, the project would have a tech Park and mall with multiplex. Further, there would be Leander Paes Sports Academy, a resort by Royal Orchid Group and a 200-bed hospital by Manipal Group.
Century had recently launched a block of 36 luxury apartments in Richmond Road Bangalore – named Century Renata – priced between Rs.5-11 crore each. The project will also comprise of a penthouse of about 4000-6000 sqft. However, this is just a single instance of the increasing number of high-end projects catching up in Bangalore.
Another Bangalore-based developer, Nitesh Estates plans to launch 3-4 high-end projects in the central business district of Bangalore. The apartments will be priced between Rs.20,000-30,000 per sqft. Last year, liquor baron Vijay Mallya, in association with Prestige Estates Projects, started work on a luxury apartment block in central Bangalore, which will stand where his ancestral bungalow now does.
The IT capital of India has seen over 10 projects priced between Rs.6,700 and Rs.13,500 per sq ft. launched in the prime location in the past six months. Real estate consultancy Cushman & Wakefield estimates that the national capital region (NCR) and Mumbai will have a supply of 1,000 and 900 luxury homes respectively by 2014.
Bangalore will have 5,000 in the same period, says the consultancy. The number is higher because capital values in this space in Bangalore are significantly lower than that of Mumbai and Delhi.
