Top Cities in Karnataka offer luxury apartments

Residences in Mysore,Mangalore,Hubli break price barriers

If you think luxe was unique to Bangalore’s realty, you need to drive down to bustling Mangalore and Mysore. Demand is upwardly mobile; you can buy an upscale residence for an obscene Rs 3 crore. Although Hubli is still lagging behind, with a top price of Rs 75 lakh for a premium apartment, industry (it’s revving up as a business cluster) and geography (it’s located on a key national highway) could shove it into the big league.
   

Mysore is selling super-realty because of its heritage, climate and business potential. Villas are catching the fancy of NRIs, software engineers and doctors who are looking for second homes. Says B R Suchendra, a realty developer: “We are seeing an upward trend as villas provide luxury clubs, restaurants, billiards facilities. Many buyers prefer Mysore to Bangalore since the tech city is crowded and expensive. We are seeing big buyer interest in villas costing up to Rs 2 crore.”    

It’s the city’s green outskirts that is redefining realty. Says S R Swamy, a realty developer who is building villas 20km away from the city: “Villas built in green areas provide a resort-like atmosphere. Many more inquiries are now coming in from Bangalore-based professionals.”    

At least 10% of the top-end buyers are focused on villas, up from 2% a few years ago. Says T N Hemanth, chairman of the Builders’ Association of India (Mysore): “People’s purchasing power has increased and they don’t mind staying on the outskirts if they get good amenities.” Premium villas can cost anywhere between Rs 1.75 crore and Rs 2.25 crore. Realty is attracting NRIs because of a rising dollar, making purchases today cheaper compared to a year ago when the rupee was stronger.    

Mangalore has just jumped on the high-end too. With NRIs entering the fray, construction costs are heading north; the cost of apartments has shot to Rs 4,500 per sqft. Of course, exclusive
apartments with in-built swimming pools are available as well.

FIRST SKYSCRAPER IN MANGALORE
The first skyscraper in the city, Planet SKS, offers two kinds of basic apartments: 3,300 sqft and 6,600 sqft, costing Rs 1.5 crore to Rs 3 crore, respectively. The Planet boasts of indoor swimming pools on each floor from the 25th to the 35th, totalling 30. Each pool apartment is 6,600 sqft in size. The building has three basements for parking about 400 cars. Says Sanath Shetty, of Planet SKS: “The pools are maintenance-free since we have advanced filtration plants. You only have to replace evaporated water.”
   
Hubli may not be hip, but it’s climbing the realty pyramid slowly. Take Rotson Solitair, which has high security like biometric verification for apartments, besides other facilities. This 13-floor apartment will have 96 flats; the largest, 2,200 sqft, will cost Rs 74.4 lakh.
   
The first of its kind in Hubli, the project has a well-equipped health club, a spacious swimming pool on the 13th floor, a landscaped garden and high-speed elevators. Says Pradeep Raikar, managing director, Rotson Group: “We are offering high-end facilities for buyers in the highincome group. The project will be completed within 24 months.”

Hubli may look a laggard, or a longterm buy, in the high-end sweepstakes. But as Hubli’s business and education clusters grow, it may well attract NRI flows and offer diverse options to premium buyers.