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<keyword id="19895037" type="General" weightage="100" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword>, the capital of Karnataka, is a city of contrasts. Known for its tech industry and pleasant weather, it also faces challenges like rising temperatures, <keyword id="19949689" type="General" weightage="20" keywordseo="traffic-congestion" source="keywords">traffic congestion</keyword>, and soaring rent prices. Yet, myths about the city persist, shaping how outsiders perceive life here. From exaggerated tales of "eternal coolness" to misconceptions about its <keyword id="20307950" type="General" weightage="20" keywordseo="cost-of-living" source="keywords">cost of living</keyword>, it's time to revisit and re-examine some of the most common <keyword id="23644351" type="General" weightage="20" keywordseo="myths-about-Bengaluru" source="keywords">myths about Bengaluru</keyword>, backed by facts. <h2>"It’s always cool in Bengaluru"</h2>Contrary to the lingering notion of perpetual cool weather, Bengaluru has been experiencing rising temperatures due to <keyword id="19911439" type="General" weightage="20" keywordseo="urbanisation" source="keywords">urbanisation</keyword> and the loss of <keyword id="21004022" type="General" weightage="20" keywordseo="green-spaces" source="keywords">green spaces</keyword>. In the 1970s, the city enjoyed over 68% green cover; today, that number has fallen below 3%, contributing to the heat island effect. In 2023, summer temperatures nearly surpassed 37°C — four degrees above what is normal — proving that while the city remains relatively cool compared to other Indian metros, it's far from immune to climate change. As for the non-summer months, the temperature typically ranges between 15-29°C. While Bengalureans have generally shied away from air conditioners — you just didn’t need it with how cold the unofficial hill-station was — more and more residents are turning to the tech due to rising temperatures. <h2>"Bengaluru is only about IT and tech jobs"</h2>Although Bengaluru is India’s tech hub, its economy is far more diverse. Sectors such as aerospace, biotechnology, and education thrive here, with organisations like ISRO and Biocon playing a major role. Bengaluru is also home to numerous startups in sectors ranging from healthcare to clean energy, illustrating its broad entrepreneurial spirit. The city's economic landscape is much richer than just IT and tech, though those industries continue to dominate public perception. Bengaluru also frequently recruits in creative and financial roles, such as UX/UI designers. Additionally, corporate lawyers draw some of the biggest salaries in Bengaluru compared to other Indian states, according to some sources. <h2>"Traffic is the worst only in Bengaluru"</h2>While Bengaluru often tops lists of congested cities, it shares this burden with other Indian metros. In 2023, it ranked sixth globally for traffic congestion, but cities like Mumbai and Pune face comparable traffic issues. Congestion is driven by rapid urbanisation, narrow roads, and an influx of vehicles — factors present in many growing cities across India. The city is testing many innovative traffic management initiatives, such as the usage of AI traffic signals and automated fining, to bring down congestion. However, things have yet a long way to go before the fruits of these labours ripen. <h2>"Everyone speaks only Kannada"</h2>Kannada is the official and widely spoken language in Bengaluru, but the city’s cosmopolitan nature means that many other languages thrive here too. With people from across India settling in Bengaluru for work or education, Hindi, Tamil, Telugu, and English are commonly spoken. However, tensions surrounding language persist, and have worsened in some regards. Recent clashes have emerged over prioritising Kannada in government and business, stirring debates about linguistic inclusivity versus regional pride. While Kannada remains essential, the city's multilingual environment makes communication in most aspects quite easy for non-Kannada speaking migrants. <h2>"Bengaluru has no nightlife"</h2>Once known for its restrictive early curfews, Bengaluru has embraced a more liberal nightlife over the last decade. While regulations remain in place, areas like Koramangala, Indiranagar, and Church Street now boast a range of pubs, live music venues, and restaurants open late. As per a recent directive aimed at improving the city’s nightlife, the government announced that the operating hours for hotels, shops, bars and licensed establishments will now be extended till 1 AM. So don't fret — as the cultural and social heart of South India, Bengaluru offers a vibrant after-dark experience despite earlier stereotypes. <h2>"It’s just a concrete jungle now"</h2>Though Bengaluru has seen massive urbanisation, the city retains pockets of greenery such as Cubbon Park and Lalbagh Botanical Garden. Lake rejuvenation projects are ongoing, with several lakes being restored to combat water shortages and preserve biodiversity. While Bengaluru has lost much of its green cover, efforts to reclaim and restore its natural spaces are growing. Initiatives to revive lakes like Bellandur and Ulsoor are key to preserving the city's ecological balance. <h2>"It’s too expensive to live in Bengaluru"</h2>Bengaluru’s cost of living varies greatly depending on the neighborhood. In prime areas like Koramangala, Indiranagar, and Whitefield, rents can range from Rs 40,000 to Rs 80,000 per month for a 2BHK apartment. In contrast, areas like Yeshwanthpur, BTM Layout, and Kengeri offer more affordable living options, with rents ranging between Rs 13,000 and Rs 30,000 for a similar-sized apartment. Living costs also depend on lifestyle choices. Monthly expenses, including food, utilities, and transportation, typically range between Rs 20,000 to Rs 40,000 for an average individual — and can certainly be more affordable, if you want to be really frugal. While Bengaluru may not be as expensive as Mumbai or Delhi, its affordability can be a challenge for those on tighter budgets, especially with rising rents in sought-after areas. In conclusion, Bengaluru is far more than the myths suggest. It’s a city of diversity — of languages, industries, and experiences. While the city grapples with issues like urbanisation and affordability, its vibrant culture, green initiatives, and evolving identity make it a unique metropolis poised for further growth.

Planning to move to Bengaluru? Here's a reality-check on some myths you might have heard about the city

In order to curb drunk driving accidents in the state, <keyword id="826" type="General" weightage="100" keywordseo="goa" source="Orion">Goa</keyword> will implement a new norm as per which bar and restaurant owners will have to arrange <keyword id="432469" type="General" weightage="20" keywordseo="cabs" source="Orion">cabs</keyword> for their inebriated customers to drop them home or hotels in case of tourists. Speaking during 'Road Safety Week', Transport Minister Mauvin <keyword id="864619" type="General" weightage="80" keywordseo="godinho" source="Orion">Godinho</keyword> on Monday said that this is the new norm now. Earlier last year too, Godinho had announced this effort but it had not come into reality. However, recently police had intensified checks during the night and had fined those involved in drunk drinking. According to him if people are drunk, then bar owners should not allow them to go in their own vehicle, but they should arrange a cab to drop them off. "They can take their vehicles the next day," he said. "I am telling officers to liaison with <keyword id="6355410" type="General" weightage="20" keywordseo="bars" source="Orion">bars</keyword> and restaurants with heavy footfall, where people go. If somebody is drunk, it is the responsibility of the bar owner to send them home by hiring a cab. Don't send them off driving their own car. This is a new norm in Goa for the safety of people. We will implement it very strictly," he said. He said that everyone has to follow rules just like they do in foreign countries. "Goans and tourists when they go abroad, don't they follow rules? Goa is somewhere you can break every rule because everybody knows everybody and is well connected, as we have only 15 lakh population. You can walk into the secretariat with the minister and phone that you are being caught and to not issue a challan. It is bad," Godinho said. "We want to discontinue it. Now henceforth those who break rules will be fined," he said. "I am really concerned with drunk cases. The cases of accidents are alarming. Around 20 per cent of cases coming to Goa Medical College are accidents. You may be so innocent on the road by driving so slow, but one fine day a drunk person can come and hit you. This should not happen. Therefore, I am telling Regional Transport Officers (<keyword id="48945" type="General" weightage="50" keywordseo="rto" source="Orion">RTO</keyword>) that you have to be ruthless as far as drunk and drive cases are concerned," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/mumbai-international-airport-switches-to-green-sources/articleshow/94761659.cms">Mumbai International Airport switches to Green sources</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/70-of-bengaluru-kids-have-lung-related-issues-environmentalist-warns-against-dangers-of-breathing-bengaluru-air/articleshow/94757838.cms">"70% of Bengaluru kids have lung-related issues": environmentalist warns against dangers of breathing Bengaluru air</a>

Soon, bars might have to book cabs for their drunk patrons in Goa

Recently, Bihar government had banned the sale of liquor in the state, in a bid to promote a healthy lifestyle. However, there is one state in India which is penalising bar-cum-restaurants for not selling enough liquor. 
 
Reportedly, the Karnataka government has started to impose fines under a now-defunct law that required such establishments to sell a minimum of 468 litres of liquor every month. 
 
Suddenly reminded of this law, the state excise department has started to slap fines worth crores of rupees, on over 150 bar-cum-restaurants in Bengaluru, with retrospective effect. Needless to say, over 30 premium establishments have even moved the High Court against the penalities. 
 
The notices were issued under Rule 14(2) of the Karnataka Excise (Sale of Indian and Foreign Liquors) Rules, 1968, which required CL-9 licence holders to sell a minimum of 52 cases or 468 litres of liquor - excluding fenny, wine and beer - every month, failing which they would be fined with Rs 100 for every litre of shortfall. 
 
Even though the rule was scrapped nearly two years ago, it is being cited for violations that happened in the past. The notices even threaten cancellation of liquor licences that these establishments hold if they don’t pay the fine before June. 
 
"Yes, the rule was quashed in August 2014, and there is no longer any prescribed quantity to be sold. But they have to pay a penalty for not serving 468 litres a month in the past. If they do not pay the penalty, we won't renew their licence," said Excise Commissioner SR Umashankar. 
 
<a href="http://static.topyaps.com/wp-content/uploads/2013/08/Opus.jpg">Image source</a>

In Bengaluru bars will be fined if they don't sell enough. So, drink up!

Taxpayers in India were required to file their income tax returns (<keyword id="6374875" type="General" weightage="20" keywordseo="itr" source="Orion">ITR</keyword>s) for the financial year 2021-2022 (assessment year or AY:2022-2023) by July 31, 2022. While there were a few extensions of the ITR filing deadline over the past few years due to Covid-19 pandemic, Revenue Secretary Tarun Bajaj said earlier in July that the government had no plans to extend the July 31 deadline. Throughout the month of July 2022, the Income Tax Department has been sending reminders urging the taxpayers to file their ITR before the deadline and not to wait till the last date to avoid the heavy rush on the ITR filing portal. The Income Tax Department’s Twitter account said on July 31, that till 1 pm on the day, 19,53,581 ITRs were filed – of which 4,67,902 were filed during the last one hour. As of July 30, over 5.10 crore ITRs were filed. More than 57.51 lakh ITRs were filed on July 30 alone. During each assessment year, the government gives a four-month window to the taxpayers to consolidate their income details for the given financial year before filing their ITR. This four-month period begins on April 1 and ends on July 31, provided there has not been any extension in the said year. ITR filing has now been simplified to such an extent that it takes only a few minutes to file, thanks to the features provided on the ITR filing portal. Not filing the ITR before the deadline will invite some fines, penalties and consequences, which we will discuss here. What are the penalties and fines for late filing of ITR? <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Sl. No. </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing category </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Due date </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing for persons and entities for which tax audit is not applicable </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">July 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing for persons and entities covered under tax audit (other than the cases in which transfer pricing is involved) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">October 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing for persons covered under transfer pricing </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">November 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Last date for filing revised ITR returns and late filing of ITR for FY 2021-22 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">December 31, 2022 </td></tr></tbody></table> Since the government had no plans to extend the ITR filing deadline, late filing after the July 31 deadline in 2022 will attract a fine up to ₹5,000, if the filing is done before December 31, 2022. Section 234F of the Income Tax Act says that late filing of income tax returns after the due date of July 31 will invite a late fee of ₹5,000 if your annual income is above ₹5 lakh, provided you file your ITR by December 31 of the same assessment year. This late fee fine can go up to ₹10,000 if you file your ITR after December 31 but before March 31, 2023. Section 234F also says that individuals who have not filed their ITR before March 31 will be liable to a late fee of ₹1,000, if the income slab is below ₹5 lakh. The late fee remains unchanged even if the filing is made before December 31 of this year. Section 234A of the Income Tax Act says that if a person has not filed the ITR before the due date and if there is an outstanding tax to be paid, then the amount outstanding will be charged at 1% per month from the due date prescribed. If an individual with a taxable income has not filed the ITR or if the income is understated in the returns, he or she is liable to pay a fine of 50% of the total tax that is applicable on the income for which return was not furnished. Summary of Section 234F <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Sl. No. </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">ITR filing category </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Late fee for filing up to July 31, 2022 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#bdd7ee;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Late fee for filing from August 1, 2022 to December 31, 2022 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Persons whose total income is below ₹5,00,000 per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Persons whose total income is above ₹5,00,000 per annum </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;overflow:hidden;overflow-wrap:break-word;">₹5,000 </td></tr></tbody></table> What to do if you have not filed the ITR for the previous financial year? With a late fee, you can file your ITR for FY2021-22 (AY 2022-23) till March 31, 2023. If you have missed out <keyword id="3524456" type="General" weightage="20" keywordseo="filing-itr" source="Orion">filing ITR</keyword> within this deadline, you need to apply for condonation of delay and then file the ITR online. Condonation of delay can be applied for through the e-filing portal of the Income Tax Department. Follow the steps below to do this. <ul><li>Log in to your account on the IT e-filing website. </li><li>Scroll the mouse on the ‘Services’ tab and click on ‘Condonation Request’. </li><li>Select the option, ‘Allow ITR filing after time barred’. Click on the ‘Continue’ button. </li><li>On the next page, click on ‘Create Condonation Request’. </li><li>Fill in all the columns with the relevant details. After uploading the ITR, click on ‘Submit’. </li></ul>Once you have submitted the ITR successfully, choose the option, ‘e-verify’. Once the condonation request is approved, the ITR will be processed. You can also track the status of the condonation request you have sent. Alternatively, you may also find out who is your assessing officer to submit a condonation of delay request letter in person and then do the ITR filing online. Refund Filing ITR on time is essential if you want to claim an income tax refund from the IT department; if you have made foreign asset investments during the financial year; if you want to apply for a loan or visa; or if you are an entity making either profit or loss. Since late filing of ITR can invite a number of consequences you will want to avoid, it is necessary that you keep track of the ITR filing deadline year on year and file the ITR on time. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-fetch-1-5-lakh-crore-more-than-half-of-it-comes-from-reliance-jio/articleshow/93274946.cms">5G spectrum auctions fetch ₹1.5 lakh crore – more than half of it comes from Reliance Jio</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bengaluru-hyderabad-and-chennai-are-hiring-the-most-number-of-it-digital-skill-experts/articleshow/93273851.cms">Bengaluru, Hyderabad and Chennai hired the most number of IT digital skill experts</a>

Missed filing your tax returns? Here’s what you pay in late fee & penalties

<ul><li>There is no one fixed definition of <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> and it differs from city to city. </li><li>In terms of share in sales of luxury housing, MMR and NCR top the list with more than 50% in all, followed by Bangalore and Pune at 20% and 15% share. </li><li>Overall, the demand for luxury housing in India is likely to continue growing in the coming years. </li></ul>In February, there was an image which went viral that showed a large crowd gathered at the office of realty developer DLF following the launch of a new project. The rush was about buying an apartment in that project that was priced at ₹7 crore. Last week, DLF confirmed that it has sold 1,137 such projects in its Gurgaon unit. This is not a one off incident. According to data by Knight Frank, a property consultant, in February 2023, the average value of properties registered in Mumbai was recorded at ₹1.9 crore which is 65% more than the average value of properties registered in February 2022 at ₹1.18 crore. Recently, the demand for luxury housing in India has been huge. When you think of luxury housing, think heated pools and spas, community gardens where you can grow your own herbs and veggies, a 24x7 clubhouse with pool tables, games, a business center and a coffee bar, a fitness center with high end cardio and strength training equipment, there is nothing money cannot buy. A mad rush: “If we define ₹2 crore and above as a general reference point for luxury housing, there has been an offtake of nearly 6,000 units in the top seven cities in last quarter with gross sales value of nearly ₹22,000 crore. During this period there has been a new supply of about 12,800 units in the top seven cities in the luxury bracket, which is highest in many preceding years,” says Subhankar Mitra, managing director - advisory services, Colliers India, a professional services and investment management company. In terms of share in sales, Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) top the list with more than 50% in all. This is followed by Bangalore and Pune at 20% and 15% share. Hyderabad and Ahmedabad had less than 10% share in the luxury segment. “The demand for luxury housing in India has picked up in recent times. One of the primary reasons for this is the growth of the Indian economy, which has created a new class of wealthy individuals with a high purchasing power. They are willing to invest in premium living spaces that offer exclusive amenities, top-notch services, and state-of-the-art facilities,” says Anuj Puri, chairman, Anarock Group, a real estate services company. Another reason for the increased demand for luxury housing in India is the changing lifestyles and aspirations of the urban population. “Many individuals now seek a luxurious and comfortable living experience, which has led to a rise in demand for high-end residential properties that offer a host of amenities, such as swimming pools, fitness centers, and landscaped gardens,” adds Puri. The Covid-19 pandemic has also contributed to the increased demand for luxury housing in India. The pandemic has led to a shift in the way people live and work, with many individuals now looking for larger homes with more space to accommodate work-from-home arrangements and other lifestyle changes. One major factor for high sales of big-ticket price homes in Mumbai and other top cities could be the government’s recent move in the Union Budget 2023-24 which will come into effect from April 2023. Under this new move, if one sells a house/other assets including equities and his/her gains are more than ₹10 crore, then maximum benefit that he/she can avail is only up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will henceforth be taxed from April 2023. “Thus, to save tax on capital gains, the high networth individuals (HNIs) across top cities including Mumbai are rushing in close luxury housing deals before the financial year ends in March,” says Puri. Definition of luxury housing: “In the context of India, luxury properties typically refer to high-end residential properties that offer several amenities and features. These properties are in prime locations, upscale neighborhoods, or central business districts, and are designed with a focus on providing a luxurious and comfortable living experience to their residents,” says Amit Goyal, CEO, India, Sotheby’s International Realty, a luxury real estate brand. There is no one fixed definition of luxury housing and it differs from city to city, depending on the local real estate market, demographics, and lifestyle preferences. “For example, in Mumbai, luxury housing may refer to high-rise apartments with ocean views, while in Delhi, it may refer to large villas with private gardens and swimming pools. Similarly, in Bangalore, luxury housing may include gated communities with world-class sports facilities and spas,” says Puri. For Sotheby's International Realty, luxury property transactions typically exceed ₹15 crore. “However, considering the purchasing power parity in India, we can consider real estate priced at half a million dollars or around ₹4 crore as luxury and above ₹10 crore and uber luxury in the top 7 cities of the country,” says Goyal. According to the recent Luxury Outlook Survey 2023 conducted by India Sotheby's International Realty (ISIR), properties in the price range of ₹4-10 crore are most preferred by HNIs with almost 65% looking for investment in that range, while 33% of HNIs and UHNIs are willing to spend upwards of ₹10 crore to acquire the right high-end luxury property. In the new normal, modern-day luxury living is driven by various factors of lifestyle and infrastructural amenities. “Homes closer to key business hubs have increased the availability of luxury residences from a few restricted pin codes, allowing them to be location-independent,” says Dhaval Ajmera, director, Ajmera Realty and Infra India, a developer known for its mid-luxury to luxury housing projects across Mumbai, Pune and Bengaluru. In Mumbai, Wadala has emerged as one of the most promising home-buying locations with seamless connectivity to the business hotspots of Bandra Kurla Complex, Lower Parel and other prominent parts of the city. “The overall concept of luxury living is no longer solely connected to the posh localities and has undergone a major transformation. For example, modern-day luxury living is defined as residential properties that provide last-mile comfort and safety along with a plethora of modern experiential amenities that strikes a fine balance between lavishness and ease that overall accentuates the lifestyle of the residents,” says Cyrus Mody, founder &amp; managing partner, Viceroy Properties, a premium real estate developer. In the lap of luxury: Customers today demand extraordinary experiences. They desire a grand lifestyle and the very idea of luxury has evolved. “Customers are expecting larger spaces and well-defined homes with over 11 feet floor to ceiling height. There is a rise in buyers of properties as large or larger than 5,000 square feet. The demand is being driven by a clear shift in the thought process of home buyers who desire to go from independent residences to high end luxury apartments,” says Ram Raheja, managing director, S Raheja Realty. Modern luxury homes have home automation technology that provide the owners total control over maintaining a sustainable work-life balance. “Also in-built spaces like vestibules, expansive decks, and project amenities like heated infinity swimming pools, podium parkings and terrace gardens, are being offered by premium developers,” Raheja adds. Overall, the demand for luxury housing in India is likely to continue growing in the coming years, driven by factors such as rising affluence, changing lifestyles, and evolving work arrangements.

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