The outskirts of Bangalore have become the new property hotspot for HNWIs in India who are investing in extensive second homes, according to The Times of India, particularly in the Hosur district of Tamil Nadu, about 20 kilometres from the capital city of the Indian state of Karnataka.
One of the attractions of purchasing land in this vicinity is that agricultural land can be bought by non-agriculturalists. In most of the Karnataka area, non-agriculturalists are not allowed to invest in agricultural land unless the land has been converted.
Purchasing a second home in a specific desirable location is mirroring a trend which is world-wide among the wealthy. New York HNWIs have long owned seaside homes in The Hamptons and many British HNWIs favour the Spanish coast. In Mumbai, the preference is for seaside mansions in Alibaug, while in New Dehli, HNWIs choose the area of Lutyens’ Delhi.
On these outskirts of Bangalore, near Sarjapur village on the Karnataka border, niche developers are targeting HNWIs with one-acre land parcels and estate homes, ranging in size from 15,000 sq ft to 50,000 sq ft.
J Vishnu Shankar, founder of real estate consultancy firm Crorepati Homes, estimates that there are between 100 and 150 HNWI estates in the Hosur district of Tamil Nadu, largely owned by Bangalore-based millionaires. “Now, HNWIs from across India are looking for second homes in this belt, “he says.
Clover Fields, one of the well-established gated estate projects in the area, offers 1-acre plots and has a resident list that includes the top IT millionaires of Bangalore. The project, which has approximately 40 estates, is home to the promoter family of Hyderabad-based Dr Reddy’s Laboratories.
In the same area, Richard Rekhy, CEO of KPMG India, and Deepak Verma, former MD of WorldSpace Radio, have bought homes in a niche project, Frangipani Country Estates. The project consists of 35 country estates with an average size of 0.58 acres and floor size of between 13,718 sq ft and 56,284 sq ft.
Source: The Times of India
