Bangalore is no longer the sleepy dreamy city of gardens it once
was, today it has dozens of neighborhoods where some of the best engineers in
the country work among state of the art facilities churning out new inventions
at a rate of more than one patent a day per engineer. Many of those leading
these bright young minds live in a locality of Bangalore known as Richmond Town.
Located at a central part of Bangalore not too distant from the
commercial centers such as MG Road, the locality of Richmond Town is well
connected with the rest of the city. Almost certainly Richmond Town qualifies
as an upmarket luxury destination for homebuyers; the price for property at
this upscale destination is nearly 20,000 rupees per square foot ranking it
alongside the costliest real estate destinations in Bangalore. Over the past 3
years the price for apartments at Richmond Town has appreciated by over a
whopping 30 percent, making older homeowners at Richmond Town considerably
wealthier than they had been a few years ago.
Owing Property
in Bangalore at locations such as Richmond Town is certainly not
feasible for all, many could only dream of a home here, however to those
equipped with the means to purchase luxury
apartments in Bangalore,
Richmond Town will probably be high up on the list of localities at which to
buy their dream home. Richmond Town, despite being an old neighborhood, too has
its share of new projects in Bangalore. Currently there
3 new developments under construction at Richmond Town with another stated to
be launched.
As is likely to be expected, Richmond Town scores very high on the
livability index and much of the residential property in the neighborhood is
more than 10 years old with a number of developments that are older than 15
years as well. Richmond Town offers some luxury apartments in Bangalore at prices which may simply be
considered upmarket rather than considered luxury in other markets, for
instance a property at Richmond Town offers a real estate buyer the chance to
own 3 BHK flats in Bangalore
priced at 2 crores. The flat in question has over 2,000 square feet of living
space and surprisingly is priced close to 10,000 rupees per square foot, well
below the publicly stated average price of apartments at Richmond Town.
Other properties at Richmond Town are priced considerably higher
and would be counted as luxury properties in any real estate market in the country.
One such high end property at the locality is a 3-bedroom apartment with 2700
square feet of living space that is priced at more than 6 crores. For buyers
keen to own high end 3
BHK flats in Bangalore, their search for a home that has that little
extra may end here. The property in question does however come with a steep EMI
payment of over 5 lakhs a month, hence only those with a monthly income in the
very high six figures or beyond may be suitable buyers.
Because Richmond Town is so centrally located it is likely to
remain a real estate hot spot for some time to come and is likely to be where
many of the well to do and successful leaders prefer to buy property in Bangalore.
