In a high-end real estate transaction in Bengaluru’s Indiranagar locality, a residential property has been sold for ₹47.5 crore, property registration documents accessed through proptech platform Zapkey showed.
As per details cited in the said documents, the 8,800-square feet land parcel housing an independent residential unit spanning a built-up area of 2,500 square feet is located in Defence Colony.
Adjacent to the popular 100 Feet Road, Defence Colony is an upscale residential neighbourhood in Bengaluru, lined with wide roads and decade old trees. It is home to some of the top company executives and real estate developers in the city.
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The property transaction, which was registered on July 25, 2024, named duo Shrinibash Sahoo and Himadri Tanaya Lenka as the buyers. Sahoo runs multiple companies in Odisha and the Lyfe Hotel in Bhubaneswar.
Queries have been sent to Shrinibash Sahoo by HT.com on mail. The story will be updated if/when a response is received.
Luxury housing deals in Bengaluru
While high-end real estate deals are a common occurrence in Mumbai, Bengaluru is fast following in the footsteps with rising demand for luxury properties in recent times.
In what is touted as Bengaluru’s most expensive land deal, Ajit Isaac, founder and chairman of staffing company Quess Corp, purchased a 10,000 square foot plot at ₹70,300 per square feet, or a total of ₹67.5 crore, earlier this year.
This land parcel is located in what is popularly called the ‘Billionaire Street’ in Koramangala 3rd Block. Prior to this, a 9,488-square foot plot sold to TVS Motors in the same locality at ₹68,597 per square feet, held the tag of the most expensive realty deal in the state capital.
Also Read: Bengaluru’s most expensive real estate deal? Quess Corp’s promoter buys property worth ₹67.5 cr in billionaire street
However, experts say that these transactions are not comparable to the broader market dynamics. They result from an essential supply crunch in coveted prime localities.
The primary takers in this segment comprise high and ultra-high net worth individuals, rich non resident Indians, C-suite executives, promoters and entrepreneurs.
An ultra-luxury apartment in the Kingfisher Towers is currently up for sale at a price of ₹50 crore, local brokers had told HT.com earlier.
Also Read: Bengaluru real estate: Here’s a look at the top luxury property deals reported in the IT capital this year
Kingfisher Towers, an extension of UB City, is home to several business titans and executives in the IT Capital, including Biocon’s 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 Billionaires’ 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.
