Bangalore to provide new address to country’s uber-rich
Bangalore, India’s technology capital, will soon boast a 47-floor highrise on Residency Road targeted at India’s uber-rich, with each condominium priced at anywhere between Rs23 crore and Rs40 crore (about $5-9 million).
The residential tower, called Bangalore 47, is being developed by a consortium comprising Bangalore-based realty marketer Asipac Projects Ltd, project management and architecture design firm Synergy Property Development Services Pvt. Ltd (35% owned by private equity firm Blackstone Group LP) and property developer S.S. Kumar at an estimated cost of Rs559.75 crore. The project will have a built-up area of around 287,000 sq. ft and is expected to be ready by 2011.
Once ready, it will be the tallest residential building in India outside of Mumbai, with a height of 165m, Asipac Projects says. Currently, the tallest building in India, the 100-floor, 450m APIIC Trade Tower, is being constructed by Andhra Pradesh Industrial Infrastructure Corp. Ltd in Hyderabad.
The luxury residential segment in Bangalore is still going strong although a softening real estate market has forced many developers elsewhere in the country to target mainly the mid-price bracket.
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The Indian real estate sector might be going through a major downturn but to some extent it is also making things attractive for foreign investors. The slowdown, in fact, has set in more realistic valuations and growth-oriented investment opportunities for biggies to close in profitable deals. The recession in the US and the fact that China is tightening its FDI policy has aided a remarkable shift in investment. Experts feel that cities like Mumbai, Bangalore and the NCR region are hot investment destinations because of their strategic importance. Considering this, Mr. Donald Trump Junior is all set to launch a $1bn fund to buy property in India and Lehman Brothers Real Estate Partners has recently acquired a 50% stake in Unitech’s Mumbai project. Also, TAIB Bank, a leading private bank based in Bahrain has recently picked up a 26% stake into a project of Anant Raj Industries.For more view- realtydigest.blogspot.com