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After Delhi, Bangalore to be the Next Maximum City


After Delhi, Bangalore to be the Next Maximum City

Last updated: March 23 2007
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  • After Delhi, Bangalore to be the Next Maximum City

    The Garden city of India, Bangalore is to witness amazing developments in its residential sector. Real estate developers are known to have fastened their seat belts to offer exclusivity to prospective buyers in the city.

    With a European style villa, skyscraping residential complex having a single apartment on each floor, and an apartment with its own helipad, the days are not far enough when Bangalore will be counted among the most sought after cities in the world.

    Demanding requirements of the status conscious populace and their westernized tastes of better quality accommodation and non resident Indians pondering over to return back to roots are some of the leading factors encouraging real estate developers to come up with the decision.

    After Mumbai and Delhi, it is now the turn of country’s IT hub Bangalore to witness the trend of residential resorts. Earlier, these cities did not have the adequate supply of high end developments even in peripheral residential localities. Prominent property developers capitalized on the growth of a high society people who are ready to shell out large money to pay a premium for a quality product that almost promises an exclusive neighborhood.

    What was unique, perhaps unheard of even in Mumbai and New Delhi, was that the developers selected the occupants of the apartments themselves, making the neighbourhood exclusive. Each floor has a single 5,500-odd sq-ft apartment. The first apartment was sold for Rs 3 crore, and the last, Rs 9 crore.

    The trend got the track when the city based real estate developer, Mantri Developers came up with its Rs. 40 crore, 17 floor super premium residential project ‘Mantri Altius’ to be built over an area of 85,000 sq ft in one of the central locations. The project was launched in 2006. The decision of the developers to choose the occupants of the apartment themselves makes the Alitus first-of-its-kind residential complex.

    Interestingly, Altius turned out to be a big success, and drawn large demand for such elite apartments. High-end apartments are those priced in the range of Rs 1-3 crore. It paved the way for such more projects in the city.

    There would be 500 apartments (combined); one would come up in South Bangalore, while the other will be in North Bangalore.

    Such projects are certainly going to take Bangalore on new high.
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