Demand for luxury in M'luru real estate increases

Mangaluru: A decade ago, people who wanted to invest in property in Mangaluru, would not think too much about the luxury and aminities attached to the property. However, of late, the coastal city's real estate sector is witnessing a surge in luxury properties, both apartments and villas, which go beyond traditional notions of opulence.

According to the industry stakeholders, luxury does not mean just the facilities within the apartment. The location also matters like close proximity to schools, malls, shops, hospitals, religious places, bus stands and others. Rohan Monteiro, MD, Rohan Corporation, shared that about 7-8 years ago, home buyers wished to have just a home with basic or slightly more facilities. However, now, they wish to have facilities linked to the health and well-being of their families. Investors now seek for facilites like a gym, swimming pool, badminton court, and football court, alongside EV charging facilities, and biophilic design. They also seek sauna and jacuzzi facilities in the apartment premises.

Monteiro said, "Buyers also look for beachside, riverside properties, which fall under the luxury segment."

The uptick trend for owning luxury homes in Mangaluru started post-Covid among High Net-Worth Individuals, pointed out DB Mehta, CMD, Allegro Ventures India and president-elect, CREDAI, Karnataka.

Mehta said that pre-Covid, the per sqft rate of luxury apartments with limited facilities was around Rs 5,000 per sq ft. "Now the rate stands at around Rs 8,000 per sqft with the best amenities. This trend of having luxury apartments or villas is likely to stay longer, as there is an economic boom among HNIs," he said, adding that now luxury apartments have a maximum of three flats on each floor, and the size of the home is a big priority for buyers.

"Demand for premium sea-facing apartments and custom-designed villas—especially along the coastline—are increasing, as well as the demand for smart automation, wellness-centric amenities, and nature-integrated architecture," said entrepreneur M Athmika Amin of JV Group. "Beach-front holiday homes are increasingly sought after, as tranquil second residences with strong investment value. With this, Mangaluru is fast emerging as a premier destination for luxury living on India's western coast," she adds.