Rental rates for villas in Bangalore turn favorable
Traditionally, getting a swanky and ritzy villa on rent in Bangalore was completely out of the question, on account of the high rental rates in this category of properties. However, the present scenario in 2014 has a different story to tell. The rental market for villas in the Garden City of the nation has registered a dip, as a result paved the way for non-expats to cash in and make the most of the available opportunity. As per industry experts, buyers can now get a taste of the the luxuries offered by high-end villas at comfortable and better rates.
Market Data
According to the proponents of the real estate market of Bangalore, rentals for villas in the city have scaled down between 25-30 percent in the last one year. For major villa projects, rents have slipped down to a mere Rs 3 lakh-Rs 4 lakh per month, a year ago. Given the market reports, rents for premium villas in Whitefield, where it ran between Rs 2.5 lakh- Rs 4 lakh per month, now undergo at a much lower rate.
In addition to it, burdened by more rigid global markets, the budget for major corporate firms have been severely cut down. In a few cases, companies have trimmed down on the expat headcounts, in a move to save money. Furthermore, market survey report of the first quarter of 2013 confirms that only as many as 50 expats have been relocated to Bangalore in comparison to 100 reported in the last year.
Good news for NRIs and High end buyers
Villas built on Whitefield, Hosur Road and near to HAL, which have always been on the radar of the expats and NRIs, have registered a significant drop in rental values in 2014. However, this brought in a wave of good news for the non-expats. Drop in rental values of the villas has turned out to be a blessing for the families who always desired for a posh living in villas and relish the luxuries of life within budget.
Hence, when it comes to lease out a villa for individual high-end buyers or NRIs for a particular time period, then it is a money saver deal to buy properties now. Even at the present slashed rates, the amenities offered by the villas are quite appalling. Hence, a good deal and pleasing rental returns for the owner is assured. Showing good signs of sale, villas in Bangalore are the next fad for those looking to buy luxury at affordable rates.
