While Mumbai is synonymous with the uber luxury property segment in India, high-end residential units have seen growing demand in Bengaluru of late. With rising aspirations amid robust economic growth, the city is witnessing an increasing number of takers in the ultra-luxury housing market with the sale value of some homes reportedly priced at as high as โน50 crore.
Earlier this year, Ajit Isaac, chairman and managing director of Bengaluru-based company Quess Corp, had bought a 10,000 sq ft property worth โน67.5 crore in Koramangala area, the IT capitalโs billionaire street, making it the most expensive real estate deal in the city, brokers aware of the development had said.
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The upper end of the luxury housing market, ranging from โน5 crore to โน60 crore, is typically a niche and slow-moving market featuring limited inventory during a year. The primary takers in this segment comprise high and ultra-high net worth individuals, rich non resident Indians, C-suite executives, promoters and entrepreneurs.
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Here are some of the top property deals that were reported in Bengaluru this year
1 An ultra-luxury apartment in the Kingfisher Towers is reportedly up for sale at a price of โน50 crore currently.
Kingfisher Towers, an extension of UB City, is home to several business titans and executives in the IT Capital, including Bioconโs Kiran Mazumdar Shaw, Sachin Bansal of Flipkart, Ananth Narayanan from Mensa Brands and Nikhil Kamath of Zerodha.
Sprawling across a 4.5-acre land parcel, the Billionairesโ Tower is a 34-storeyed luxury residential quarter with about 81 apartments (4 BHK), starting from 8,000 square feet, in three blocks. The top two floors comprise a lavish penthouse.
Also Read: Bengaluru tops housing sales and launches pan India in Q2 2024, โน1-3 crore homes capture 63% of new launches
2 In what is touted as Bengaluru’s most expensive land deal till date, Ajit Isaac, founder and chairman of staffing company Quess Corp, purchased a 10,000 square foot plot at a staggering โน70,300 per square feet or a total of โน67.5 crore. The land, in the upscale Koramangala 3rd Block, will be utilised to develop a residential property, according to sources with knowledge of the matter. The plot was sold to Isaac by duo Arvind and Geeta Reddy.
The tony neighbourhood, also referred as ‘Billionaire Street’, is home to the who’s who of the city, including Flipkart co-founder Sachin Bansal, Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan, Raja Bagmane of Bagmane Developers, Narayana Health’s Dr Devi Shetty and politician Rajeev Chandrasekhar.
Also Read: Bengaluru top choice for non-resident Indians eyeing budget and mid-segment homes
3 Ola Group Executive Amit Anchal has purchased a luxury villa for โน13.5 crore in Adarsh Palm Retreat Villas, located on Marathahalli Outer Ring Road in East Bengaluru, the Agreement of Sale document accessed through real estate data aggregation platform Zapkey showed.
The luxury property, sprawling a built-up area of 4,774 square feet, is part of a gated community comprising 800 red-roofed Victorian villas in a 110-acre project.
The big-ticket deal named duo Amit Anchal and Archana Singh as the buyers. Meanwhile Narasimhan Babu Rajagopal and Sujatha Narasimhan Babu were the sellers.
