In Bangalore, rentals of ultra luxury villas fell slightly this year. Comparing to the last year, the rentals of ultra luxury villas reach nowhere around.
Living in villas, especially ultra luxury villas, is considered as a matter of prestige. However, due to the higher rentals of ultra luxury villas, it is possible only for a ‘few privileged’ and the top earners. But the latest pieces of news from Bangalore residential market tell that the rentals of villas are falling in the city.
Now you may be able to spend your life in one of the villas. Most of the villas provide a life which is matchless in many ways. Some ultra luxury villas even have personal swimming pool and other ultra-luxury facilities. With all these facilities those who pay for it never feel that they are paying unnecessarily.
Top property consultants like L J Hooker India and DTZ India have reported that this year there is a slight fall in the rentals of the villas. This is visible in many of the top villa projects.
L J Hooker India reported that the monthly rentals of ultra luxury villa project Aditya Palm Meadows fell from Rs.4 lakh to Rs.3 lakh. This is one of the top villa projects in Bangalore which provide a world class and absolutely independent living.
DTZ India reported that rentals in the posh Whitefield area also declined. Last year the area had seen an improvement in the rentals. However this year, the area faces a fall in the rentals.
The decline of rentals is mainly caused by two factors. Firstly there is an increase in the number of ultra-luxury villa projects. Secondly the situation is due to the ‘budgetization’ of the Corporates.
Many of the corporates have cut short their budget to withstand the global economic crises. Some of the Corporates have even reduced the number of expats in the country as well. All these affected the renting of top- end villas.
