This Indian city is a new home to the rich; surprisingly, it's not Mumbai!
This is the 15th fastest-growing luxury market in the world and the IT capital of the country, has moved five places up compared to last year, leaving behind Mumbai, considered to be India's richest city, according to a report.
Wealth is being generated across India, but there are certain centres around which the super-rich like to congregate. Surprisingly, things are changing as new wealth creating trend rise and others either fall or stay flat. In this respect is Bengaluru, teh capital of Karnataka. This is the 15th fastest-growing luxury market in the world and the IT capital of the country, has moved five places up compared to last year, leaving behind Mumbai, considered to be India's richest city, according to a Knight Frank report.
According to 'Prime Office Rental Index Q2CY19', Bengaluru is home to a considerable number of ultra-high net worth individuals (UHNWIs) and it is expected to see the fastest growth of the UHNWI population leaving behind several global cities and that too over the next five years only.
Surendra Hiranandani, Chairman & Managing Director, House of Hiranandani said that Bengaluru, India’s Silicon Valley and one of the fastest-growing cities in India continues to attract people from all over the world. The IT boom transitioned its identity from a slow-paced metro into a buzzing cosmopolitan. The city's broad ecosystem of innovation continues to offer tremendous opportunities for future growth.
The report also said that Bengaluru CBD saw the highest annual growth in rental values in India, with current rentals at Rs 125 per square foot per month (INR/sq.ft./mth) registering an annual growth of 9.4 per cent in Q2CY19. Regionally, Bengaluru rental values saw the 5th strongest annual growth in rental values. Mumbai’s BKC which registered a growth of 5 per cent y-o-y in Q2CY19 and was recorded at Rs 300/sq.ft/mth. New Delhi’s Connaught Place recorded a rental value of Rs 330/sq. ft/mth also recorded an annual rise of 1.4 per cent in Q2CY19.
''Home to a whopping bunch of wealth generators, entrepreneurs and rich individuals, a hotspot for IT and startup market, the city has ample opportunities for professionals and entrepreneurs with innovative business ideas. Another striking feature of this city is the prevalent reasonable pricing of luxury homes. The Garden City's demography also proves to be very much favorable for the luxury real estate market,'' Hiranandani added.
Among the NRIs too, Bangalore has continued to be the most favored destination for luxury real estate investment in India, due to the presence of infrastructure and homes designed with the latest design and facilities that match their international lifestyle.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.