Bengaluru real estate: Here are the top luxury property deals recorded in the IT city this year

By Bricksnwall | 2024-08-24

Is Bengaluru on its path to Mumbai? High net worth people, wealthy NRIs, and C-suite executives are the primary buyers of luxury homes valued at ₹30 crore or more.

While Mumbai is renowned with India's ultra-luxury property category, high-end residential flats have recently found increased demand in Bengaluru. The city's ultra-luxury housing market is growing due to increased expectations and strong economic growth, with some mansions selling for more to ₹50 crore.

Ajit Isaac, chairman and managing director of Bengaluru-based company Quess Corp, purchased a 10,000 sq ft property worth ₹67.5 crore in Koramangala area, the IT capital's billionaire street, making it the most expensive real estate deal in the city, according to brokers familiar with the development.

The luxury home market, ranging from ₹5 crore to ₹60 crore, is a niche and slow-moving sector with limited inventory each year. This segment's key buyers include high and ultra-high net worth individuals, wealthy non-resident Indians, C-suite executives, promoters, and entrepreneurs.

Here are some of the top property deals reported in Bengaluru this year (1). A luxurious apartment in Kingfisher Towers is presently listed for sale at 50 crore.

Kingfisher Towers, an extension of UB City, is home to various business titans and executives in the IT Capital, including Biocon's Kiran Mazumdar Shaw, Sachin Bansal of Flipkart, Ananth Narayanan of Mensa Brands, and Nikhil Kamath of Zerodha.

The Billionaires' Tower, which spans 4.5 acres of land, is a 34-story luxury residential quarter with roughly 81 units (4 BHK) starting at 8,000 square feet in three buildings. The upper two storeys have a beautiful apartment.

Ajit Isaac, founder and chairman of employment company Quess Corp, purchased a 10,000 square foot site in Bengaluru for ₹67.5 crore, making it the city's most expensive land acquisition to date. According to individuals familiar with the situation, the land in the upmarket Koramangala 3rd Block will be developed into a residential property. The plot was sold to Isaac by Arvind and Geeta Reddy.

The affluent neighbourhood, also known as'Billionaire Street', is home to the city's who's who, 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.

Amit Anchal, an executive with 3 Ola Group, paid ₹13.5 crore for a luxurious property at Adarsh Palm Retreat Villas on Marathahalli Outer Ring Road in East Bengaluru, according to the Agreement of Sale document obtained from real estate data aggregation company Zapkey.

The luxurious property, which has a built-up area of 4,774 square feet, is part of a gated community of 800 red-roofed Victorian villas on 110 acres.

The big-ticket bidders were Amit Anchal and Archana Singh. Meanwhile, Narasimhan Babu Rajagopal and Sujatha Narasimhan Babu were the sellers.

Source: Hindustan Times