Bangalore Properties Attract Wealthy Residents

  • 16 years ago
  • Uncategorized
Bangalore has some of the nicest gated communities in India, and its high-tech industry is attracting wealthy residents from around the world. Rentals for exclusives homes in some of the most prestigious communities in and around the city are now over Rs 10 lakh per month. At current conversion rates, that’s well over US $20,000 and some £12,500!
Epsilon Villas is so exclusive that few even know it exists, but this invitation only community is situated off the old Airport Road. It is home to some of the wealthier businesspeople in the country and is soon to be home to former India cricket captain Rahul Dravid. The average rental here runs from Rs 7 lakh per month to Rs 10 lakh and more. The highest rent is said to be for Cisco executive Wim Elfrink at Rs 17 lakh per month, also reported to be the highest in the city.
One of Bangalore’s earliest luxury communities is Palm Meadows, where rents range from Rs 3 lakh to Rs 5 lakh per month. Mantri Altius is a luxury condominium in the heart of the city and is home to many expats who are working in Bangalore. Other communities are becoming increasingly popular as more and more expats move here and the high tech industry continues to drive growth.
Amit Bagaria, chairman real estate development firm Asipic, notes that “In countries with a low human development index, gated communities provide genuine security to the upper classes, as well as expats. Such communities are usually staffed by private security guards and are often home to high-value properties, or set up as retirement villages. Some gated communities are secure enough to resemble fortresses.”
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