As per sales documents shared by real estate intelligence platform Zapkey, the property, which includes ground plus 2 structures, was bought from Bengaluru residents PS Sanjeev and Anitha Sanjeev.

R Murali, TVS Motor’s vice president-legal, represented the company.

TVS Motor purchased a residential property in Bengaluru earlier this year for 765 crores, making it the city’s most expensive residential property transaction.

TVS Capital Fund chairman Gopal Srinivasan purchased a residential property on Bengaluru’s Rest House Crescent Road for around 15 crores in December 2022, in another significant property transaction in the southern city. This property spans 6,000 square feet and has a built-up area of 2,600 square feet.

Koramangala has become a sought-after neighborhood for high-net-worth individuals looking for exclusive deals.

In recent years, the area has seen a slew of high-profile residential and land deals, with everyone from Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan to Quess Corp executive chairman Ajit Isaac purchasing large properties.

According to industry reports, luxury sales account for 10-15% of total residential sales and are growing rapidly despite market fluctuations.

It is one of the fastest-growing segments of the real estate industry with homeowners and high-net-worth individuals (HNIs) interested in investing in premium properties that provide them with a high standard of living as well as a valuable asset.

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According to Samyak Doshi, director of Bhoomi Group, there should be some tax breaks for first-time homebuyers. The government should think about increasing the Section 24 (b) deduction for home loans from Rs 2 lakh to Rs 5 lakh.

Positive consumer sentiment will result, in creating a stimulus to increase housing demand. Tax breaks and credit subsidy programs should be extended to a broader range of homebuyers.

“Long-term capital gains from the sale of a house should be taxed at 10%. (Provision similar to section 112 for equity shares).

In addition, the period of holding a house property should be whittled down to 12 months from the current 24/36 months in order to qualify as a Long Term Capital Asset “Hirandani Group managing director Niranjan Hiranandani said.

Hiranandani also stated that the ban on subvention strategies should be lifted. The ban does not benefit home buyers because a large portion of them are unable to pay both EMIs on their under-construction housing loans and house rent.

Pritam Chivukula, treasurer of CREDAI-MCHI, believes that the government should reintroduce GST with an input tax credit on under-construction properties, which will lower property rates and generate demand among homebuyers.

According to Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate, the sector is currently reeling from several authorizations from various government authorities, and he urges the government to have all permissions under a single-window clearance.

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The new age home buyers are tech-savvy, appreciate fine living, and are high-income individuals who prefer a luxurious blend of extravagant house designs with modern amenities. To cater to their altering requirements aligned with the latest home interior trends, modern home buyers always look out for homes, designed with thoughtful and practical features, providing them with all the facilities they need. Considering the customer’s evolving preferences in making homes more personalized, real estate developers constantly endeavor to include unique features to fulfill customers’ needs, wherein the Modular Kitchen feature is gaining utmost popularity.

The real estate industry has made modular kitchens a standard inclusion due to the growing popularity of these types of kitchens among today’s younger generation. Today, a housing property is designed with pre-installed modular kitchens, high-tech amenities, and contemporary interior design. Let’s take a closer look at some of the factors responsible for the growing demand for modular kitchens in the real estate sector. 

Ideal for all properties:

Modular kitchens are suitable for all kinds of properties, no matter the size of the apartments, whether they are small and compact apartments or luxurious duplex apartments. They are designed and installed according to the size and shape of the property and customers’ needs. Hence, they are ideal for all types of properties.

Hassle-Free Cooking Experience:

One of the most hectic tasks involving household chores includes meal planning, preparation, and storage. Kitchen work can become extremely overwhelming with a lack of planning and organization. The customized approach involved in setting up a modular kitchen helps provide a hassle-free cooking experience as the kitchens are designed keeping in mind the frequency of kitchen use, food cooking preferences, and family size. 

High Durability:

Modular kitchens are manufactured using high-quality materials including waterproof and boiling waterproof features that essentially contribute to enhancing their durability. These kitchens are also prepared to withstand the regular wear and tear of kitchen tasks, hence, this can be considered a great investment in the property.

Built-in appliances provide a stylish touch:

Modular kitchens provide an option to arrange a dedicated and customized space to install built-in equipment which also enhances the overall aesthetic of the kitchen. Today, a kitchen design trend of providing hidden cabinets is catching up wherein bulky structures can have their dedicated hidden space in the kitchen such as water purifiers, microwaves, food processors,s, etc. Such trends not only boost creativity and innovation in the kitchen space but also significantly contributes to enhancing kitchen appearance.

Space Organization:

Modular kitchens are specifically designed to provide better and more efficient storage. These kitchens provide a variety of design ideas to organize the kitchen space and provide sufficient space to arrange the necessities without making the room seem crowded. Today, kitchen corner space utilization designs are becoming popular amongst customers as they help make optimum utilization of the kitchen area. 

Smart storage concepts, personalized space design, and space management ideas are some of the key highlights of a modern modular kitchen, due to which there is a growing demand for modular kitchen concepts amongst customers.  Also, the growing number of partnerships between real estate developers and modular kitchen manufacturers is one factor that is expected to push the demand for modular kitchens in the coming years.

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