Opinion Raise high the roofbeam

But times are changing. In a definite departure from old-style Bangalore living,the city is now spouting high-rises. And many of the new high-rises are 1BHK or studio apartments,an unheard of phenomenon until recently. The 1BHK and studios portray a wave of change in the demographic of the city,say real estate companies. Bangalore’s population consists of many young working professionals or even newly-wed working couples. Nearly all of them have migrated to the city chasing career opportunities. They tend to aggregate in newer suburbs such as Electronics City,Whitefield and Bannerghatta Road,close to work locations.

Bangalore’s attitude and weather are conducive to good living. So many of these young people want to grow roots here,explains Jitu Virwani,CEO of the Embassy Group. Owning a home also fits into the aspirations and wallet power of young professionals and offers a convenient option to retired couples. But it also boils down to affordability. Many of the suburban 1BHK and studios are priced below 20 lakh rupees,putting them within the reach of young professionals. Additionally,over this decade,land prices have risen to new heights,putting large plots and houses out of the reach of most young professionals. Additionally,the home-owning segment of the population is getting younger each decade,says Ramesh Kothari who runs a city-based real estate consultancy. These days,Kothari finds that many first-time home owners are in their twenties. “Younger buyers are more adventurous and want apartment sizes that fit their bank balances,” he says.

Running contrary to past trends,studio apartments and 1BHK by a builder in the Electronics City suburb,within easy distance of Infosys Technologies and Wipro’s large outsourcing facilities are said to be selling fast. 1BHKs launched in large residential projects in the four corners of the city by another leading Bangalore developer are also bucking the market drift.

One recent convert is Feroz Zaveri,29,who heads sales at a technology firm in the city. Zaveri describes himself as an old-time Bangalorean and currently lives in a house in Banaswadi,one of the city’s newer neighborhoods. Zaveri booked a 1BHK last month and looks upon it as a very practical option for young professionals. Zaveri learnt that many homeowners balk at renting to single working women or professionals who keep erratic working hours. “These 1BHKs will save many young people the trouble of getting stuck with fussy old landlords,” he says. Still,ground level or two-storey homes are still coveted by older Bangalore residents. Rocketing prices, though,force them into far-flung suburbs where ‘barfi-cut’ plots are sold in unauthorised layouts.

At the other end of the spectrum,opulence appears to be arriving at the apartment scene in Bangalore,sending even the super-rich packing from their sprawling homes and super-luxurious villas. At least one multinational company chief is said to pay close to $30,000 a month as villa rental.

Now,Vijay Mallya’s soon-to-launch lavish residences in the city’s most coveted address,Vittal Mallya Road,where his ancestral mansion currently stands,may offer the wealthy an alternative.

The 33-storey apartment block will abut the high-rise UB City buildings,home to several multinationals and high-end retail stores. The building will have six floors of parking and the base price of the smallest-sized apartment will be upwards of 6 crore rupees.

Donald Trump Jr. planned to launch a super-luxurious downtown apartment high-rise. That plan was shelved last year following the economic downturn. But Virwani of Embassy Constructions,who was known for upper-end apartments until now,forecasts that affordability is the key to the Indian market. He says 1BHKs and studios in high-rises will become increasingly common in the biggest Indian cities.

“Dubai was built for the rich and where is it going? India is a market for the masses,” says Virwani.

saritha.rai@expressindia.com