Wednesday, June 18, 2014

2BHK, 3BHK & 4BHK Luxury Residential Apartments for sale Off Magadi Road, Bangalore at Prestige Westwood.

Prestige Westwood Multistorey Apartments Area Range 1253-2746 Sq.ft, Located in Magadi Road, Bangalore available with 2BHK Apartments, 3BHK Apartments and 4BHK Apartments.


Prestige Westwood by the famous Prestige group is a novel concept of residential development which is in the pre launch phase introducing people to a life that is much far from the ordinary level of living sited at a most prominent locality of Bangalore. Put forward on the land of 7 acres of Central Bangalore, this innovative project by the Prestige group.

Making living as the very best, the project comprises of a total of 582 apartments with most sophisticated yet classy combinations of a perfect life with perfect placements of very primary & profound necessities. Graced with all modern amenities, high-end specifications and world class features & luxury, [Prestige Westwood] the project has lush green environs and blooming flowers all around that appreciate your senses to live a fruitful life.

About Developer - Prestige Group

Prestige has shaped the skyline of South India with developments spanning across Residential, Commercial, Retail, Leisure & Hospitality sectors. Having completed 163 Projects spanning a total developed area of over 46.97 million sqft, Prestige has 33 ongoing projects comprising around 36.7 million sqft & 31 upcoming projects, totaling 16.18 million sqft, which include apartment enclaves, shopping malls and corporate structures.


    Club House
    Swimming Pool
    Landscaped Gardens
    Multipurpose Hall
    Kids Play Area
    Ample Car Parking
    Round the Clock Security

The residential sector has the largest share in the real estate market in India with approximately 75% to 80% of the total development. Favorable demographics, high disposable income, availability of housing finance and rising urban population are the key drivers of housing demand in the country.

Residential developers are now adopting a very systematic approach towards project development. There exists keenness among developers to understand the end user preference for space, amenity and quality of residential development.

This is a very significant step towards bringing about professionalism in the Indian real estate sector. Availability of a relatively wider product range and the greater demand from the middle class purchasers have further contributed to the growth of residential real estate. However, due to global recession, the investment by the speculative buyers has come to a halt.

The increase in the demand for residential segment has attracted major national and international players. Venture Capital Funds like Citigroup, Morgan Stanley, ICICI Capital, Trinity Capital etc., have deployed funds to develop major residential projects in Indian cities. The two main public sector players in housing finance in India are the Housing and Urban Development Corporation (HUDCO) and the National Housing Board (NHB). 

HUDCO was created with the goal of servicing low and middle-income households by financing infrastructure development and increasing credit options. HUDCO also provides loans to housing finance institutions which are lent to low-income house - holds also.

Making Housing Affordable There is an enormous unmet demand for low- income as well as mid-income housing in the country. As per planning commission estimates over 90% of the total unmet housing shortage is in the economically weaker sections / LlG segments. Some of the major causes of this are:

The lack of flexible housing finance options for low-income housing rising costs of conventional building materials Inability of the banks to accurately assess credit risk associated with low income borrowers Lower profit margins and uncertainty of repossession. Though mass-housing projects have lower margins, developers are focusing on cheaper options by choosing locations on the outskirts of cities while doing away with frills such as swimming pools, jogging tracks, etc. Developers like DLF have planned mid-income housing projects in Bangalore,
Chennai, Kochi and Indore which are expected to get fully developed in the next 7-8 years.

While there is a significant demand for affordable housing, there is also a huge market for high end projects. There has been a substantial shift in the housing preferences of high income individuals especially in urban areas. The move is towards independent villas and bungalows from the traditional regular apartment culture. Luxury and high rise apartments are the most sought after properties in cities like Bangalore, Hyderabad and Chennai in south. Even the developers are inclined towards such developments owing to the immense potential and demand. Owing to the rapid growth, features which once were perceived to be unique and innovative like provision of round the clock security, club houses, play ground, 100% power back up, etc. have become more of mandatory in nature and are of prime importance in short listing of projects by the potential buyers. Developers now need to throw- in numerous frills to attract customers including landscaped gardens, golf-courses, sports facilities including swimming- pools, gyms, squash / tennis courts, ample parking, entertainment halls, play-parks, etc. Projects range from providing high quality interiors to offering bare-shell options accommodating the need of high-end buyers for personalized interiors.

Developers like Prestige, Sobha, Emaar-MGF, DLF, Unitech, Aliens Group, Lanco Group, etc., are going an extra mile by involving global professionals from internationally reputed firms for architectural and landscaping services as well as to conceptualize the projects and "package" the product.

With this new trend of developing premium projects, there is greater market pressure on the developers to differentiate themselves from each other. Quality in construction and delivery, provision of luxury class amenities, mix of product configurations (2, 3, 4 BHK apartments, Villas, duplex houses etc.) in a single project have become vital factors for generating demand and attracting end users. 

Even the price variation in the units belonging to different developers is dependant on these factors. Apart from this, marketability of the projects is also dependant on the pricing strategies and payment schemes. Project innovation is vital for marketability of a residential project and success of the same. Sales of residential projects though depend primarily on pricing and location aspects other factors such as customization, incorporating new designs and styles, intelligent spatial organization etc., can enhance its sale ability and offer uniqueness.

Traditionally, all cities have had high-end residential localities that have been regarded as preferred destinations. In the current scenario, land is not easily available in these localities for redevelopment; and if it is, it comes at ... a premium, thus ensuring that the new apartment or home constructed here will be offered at a high value, which again restricts sale to the high- end market. Typically, the more economical housing has been in the suburban or peripheral locations.

While Tier 2 / 3 cities still offer good investment options owing to their growth potential, the Tier I cities are not likely to witness very drastic price escalations: If one were to assess growth indicators, performance and projections reflected by various industries, one sees stronger growth plans, rising employment opportunities and affordability as well as a continuous widening of the demand pool in the country. The residential segment could witness only minor correction in prices or slow down in appreciation rates due to factors such as increase in home loan rates, simultaneous launch of several projects et al. However, the long term prospects for the housing sector look promising.

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