Rentals of high end villas decline in Bangalore. The increased number of villa projects is said to be a reason for this decline in the rentals of high end villas.
High end villas always remained as one of the best options to lead an independent life. Though costlier than almost all other forms of residential properties, high end villas were hotly sought after by the top-end economic class people.
Most of the superior and luxury-oriented villa projects offer a matchless life to its residents. Some of the projects have personal swimming pool and other world class amenities. Providing a better and world class life, top-end villas remained hot picks of the top earners.
Last year the rentals of the villas got an improvement in many parts of Bangalore. Average rentals in Whitefield rose from Rs.2.5 lakh to Rs.4 lakh last year. However this year there is a decline in the rentals.
The highest rental paid is Rs.4.25 lakh per month for a villa with personal pool and other superior facilities. Even the rentals in Palm Meadows also declined.
Palm Meadows is one among the top villa projects in the city. The project witnessed a fall of rentals from Rs.4 lakh per month to Rs.3 lakh this year. Leading property consultant DTZ India reported that rentals in the Whitefield area also are growing downward.
L J Hooker India, another property consultant also reported the same. It, affirming the report of DTZ, said that the rentals have fallen sharply in the city this year.
Besides the increase in the number of villa projects, the new schemes of many corporates to cut short the budget also affected the rentals of high-end villas.
To meet the tight global market conditions many of the corporates have limited their budget and reduced the number of expats. All these affected the rentals in the city, especially that of the top-end villas which were always rented by big corporates for the expats.
