5 things to consider while buying luxury home in Bengaluru

Central Business District, Hebbal and surrounding areas like Jakkur, Banshankari, Koramangala, and Indiranagar are prime examples of the most sought-after areas witnessing a surge in interest from luxury home buyers and investors in Bengaluru

The Indian real estate landscape is experiencing a remarkable shift, with the luxury housing market witnessing a surge in demand and interest from various segments of buyers. As per the recently released Knight Frank Wealth report, Bengaluru, Delhi-NCR region, Mumbai, Hyderabad and Pune, continue to be the most preferred destinations for luxury homebuyers.

This upswing in Bengaluru’s luxury housing market has attracted the attention of high-net-worth individuals (HNIs) across the country and has also captured the interest of non-resident Indians (NRIs), drawn to its flourishing economy, cosmopolitan lifestyle and employment opportunities.

With luxury properties witnessing increased demand, let's explore the top five essential factors that one must consider while purchasing the same in Bengaluru, all the while ensuring a wise investment and a dream home that exceeds expectations.

Prime Location

Contrary to popular perception, location takes precedence over amenities and specifications when pursuing luxury properties. A well-connected area with robust social infrastructure enhances accessibility and desirability.

Central Business District, Hebbal and surrounding areas like Jakkur, Banshankari, Koramangala, and Indiranagar are prime examples of the most sought-after areas witnessing a surge in interest from luxury home buyers and investors in Bengaluru. These strategic locations inherently command premium pricing, epitomising the essence of a truly luxurious living experience.

Developer's Credibility

When it comes to luxury properties, the developer's credibility is extremely crucial. As buyers search for their ideal property, conducting thorough due diligence becomes imperative. It is strongly recommended to research the developer's background, market reputation, and track record of delivering high-quality projects within agreed timelines. A credible developer ensures that your luxury investment is in capable hands, paving the way for an elevated and fulfilling living experience.

Discern True Luxury

In the real estate industry, the term "luxury" is often overused, making it crucial for buyers to discern true luxury. A meticulous evaluation of various elements is paramount to authenticate a property's claim to luxury.

Consider features such as functionality, premium finishes, development and apartment design, future-forward technology, and modern as well as traditional amenities that are designed to evolve with a rapidly advancing future. Inclusive luxury developments prioritise residents' overall well-being, with health and fitness led amenities such as rooftop infinity pools, spas, gyms, multipurpose courts, and expansive lawns backed by world-class in-house maintenance.

Moreover, developers' understanding of HNIs and UHNI’s discerning tastes can be reflected through their use of prestigious brands and adherence to the highest quality standards.

Privacy and Security

One does not spend a considerable sum solely on the look and feel of a luxury property. Beyond aesthetics, discerning buyers seek the privacy and security of their family. These exclusive residences should prioritise residents’ peace of mind by incorporating cutting-edge security technology, ensuring the protection of all entrances, foyer access points, and individual residences, to create a haven where comfort and safety intertwine seamlessly.

Legal Compliance

Legal compliance should be a key consideration when acquiring a luxury property. It is imperative for buyers to diligently inquire about all necessary regulations, including building permits, land titles, zoning, and environmental approvals. Buyers should carefully scrutinise ownership documents, property tax receipts, and sale deeds to ensure a smooth and legally sound transaction.

Bengaluru's prominence as a thriving luxury real estate market makes it a favourite among buyers and long-term investors. With its upscale lifestyle, world-class facilities, and luxurious offerings, the city continues to attract those with a taste for the finer things in life. As the city sets new standards for luxury living, it stands out as an excellent choice for HNIs and NRIs looking to invest in a lifestyle of well-rounded luxury.

(The author is the Founder and CEO of MAIA Estates, a leading real estate builder and developer based in Bengaluru. The company focuses on high-value living and commercial and multi-use development, keeping sustainability at the core of its functions)