18 Feb 2013, TNN.
BANGALORE: A super-size terrace is the new luxury buzzword in this city. Large semi-open spaces attached to penthouses and million-dollar (upwards of Rs 5.5 crore) condos, that can be used as sit-outs, private green spaces or party areas, is the latest fancy of the gilded class here.
For example, an upcoming luxury apartment development, 77° Sky by DivyaSree, in South Bangalore, is offering buyers terrace spaces anywhere between 1,032 sqft and 1,662 sqft, equivalent to the area of standard one-bedroom and two-bedroom flats. The smallest terrace space being offered — 545 sqft — can fit six Innova cars, while the largest — 1,144 sqft — can fit almost 10 of President Obama’s super limos.
In some luxury developments, terraces come with a view and a pool. Located in North Bangalore, overlooking the Hebbal lake, Embassy Lake Terraces offers terrace spaces in the range of 770 sqft to 1,364 sqft per apartment. “Villas in the Sky, that’s what developers are offering those who can afford it,” says Ram Chandnani, deputy MD, South India, CBRE South Asia, a global consultancy firm.
In central Bangalore, Kingfisher Towers-Residences at UB City, being developed by Prestige Estates Projects, has terraces spanning approximately 600 sqft per apartment. Barely two kilometres away, developer Nitesh Estates is constructing an ultraluxury apartment development, Nitesh Park Avenue, which has terrace spaces above 600 sqft per apartment.
“What’s the meaning of luxury if you pay more than a million dollars and cannot enjoy Bangalore‘s fantastic weather?” asks Amit Bagaria, chairman, Asipac, a development management consultancy firm. Bagaria conducted a survey of luxury homebuyers and found the two things buyers wanted in a milliondollar apartment were large terrace spaces and floor-to-ceiling glass windows for more natural lighting.
A recent report by real estate consultancy firm L J Hooker (India) says that Bangalore has 52 projects under various stages of development, which have residential units priced above Rs 2 crore — of these, 25 are luxury apartment developments.
“Today, the customer is very conscious of his environment. He wants the convenience of an apartment as well as the luxury of the open space of a garden/ terrace where he can entertain,” says Mayank Ruia, head of residential, at Mumbai-based Phoenix Mills Limited. Phoenix has launched an ultra high-end development residential project in North Bangalore, wherein approximately 10 per cent of the apartment’s carpet area has been given to terrace space. “No two terraces face each other, offering complete privacy,” adds Ruia.
Terraces are becoming a regular feature in the premium apartment segment too, priced between Rs 75 lakh to Rs 2 crore, says Prashanth Sambargi, partner at Mars Realty, a real estate consultancy. “An average of 150 sqft to 250 sqft of semi-open area per apartment is the new design concept for all developers,” he says.
While Bangalore’s weather is the biggest reason for buyers wanting terrace spaces, the city’s stable pricing regime enables developers to pass on such luxuries to buyers. “Prices in Mumbai and Delhi are way too exorbitant for developers to offer such luxuries and also the weather in the two cities is not conducive to having such open spaces. So that’s what makes the trend in Bangalore unique,” says Chandnani of CBRE South Asia.