Koramangala 3rd Block in South-East Bengaluru, also known as ‘Billionaire Street’, is home to some of the wealthiest and most affluent residents of Bengaluru, ranging from startup founders to C-suite executives, politicians and real estate developers, among others. The pin code has recorded some of the most expensive property deals in the city till date.
In Bengaluru’s costliest property buy so far, Quess Corp MD Ajit Isaac purchased a 10,000-square foot plot in this tony neighbourhood for ₹67.5 crore earlier this year. Before this, a 9,488-square foot plot clinched at ₹68,597 per square feet by TVS Motors in the same locality held the tag of the most expensive realty deal in the IT capital.
Sectoral experts say that the high valuations stem from a real estate supply crunch in this coveted prime locality. They’re not comparable to broader market dynamics in the garden city.
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According to data sourced from Housing.com, average property price in the upscale locality rose approximately 9.5% to ₹35,000 per square feet in the third quarter of 2024, from ₹32,000 in the same period last year.
Of the six blocks in the area, the 3rd Block is the most expensive because of the larger plot sizes and the fact that it is inhabited by billionaires, brokers said, adding most bungalows are spread across 4,000 sq ft.
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Other reasons for this prime neighbourhood’s popularity
Location: Besides notable civic amenities, educational institutions, malls and healthcare facilities, Koramangala 3rd Block enjoys proximity to major employment hubs in the IT capital such as Bannerghatta Road (6 km), Bellandur (7 km), Sarjapur-Marathahalli (6.5 km) and Electronic City (13 km).
Koramangala is overall a prime residential and commercial locality in Bengaluru, also known as the start-up hub of the city.
Residents: The gentry of Koramangala 3rd Block includes bigwigs from all walks of life, including business, medicine, politics, real estate and so on.
To name but a few, the resident roster includes names such as Flipkart co-founder Sachin Bansal, Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan, Narayana Health’s Dr Devi Shetty and politician Rajeev Chandrasekhar.
Architecture: A walk down the street will expose one to a range of residential structures – from sprawling heritage villas to state-of-the-art modern homes and a fusion of the two – designed by globally acclaimed architects, and tastefully furnished with antiques and modern art installations alike.
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Most units, behind a tall gated entrance, include a private garden space, pool, gymnasium, underground car park, energy-efficient green building features such as solar power, rainwater harvesting system and so on.
Status symbol: Owning a property in this elite enclave not only symbolises wealth, but also a certain social status, prestige and financial success.
Bengaluru’s property market
According to a Knight Frank report, residential prices in Bengaluru grew 10% year-on-year in the July-September quarter of 2024, witnessing the sharpest rise among the top eight cities in the country.
As per data sourced from proptech platform Square Yards, average property prices range around ₹19,149 per square feet in Koramangala (January-September), up 43% from ₹13,355 in 2023.
Meanwhile the average monthly asking rent increased to ₹48,000 – ₹1,34,400 between January – September of 2024 from ₹49,500 – 90,000 in 2023.
