Here's why Bengaluru's Billionaire Street is the most expensive and desirable neighbourhood in the city.

By Bricksnwall | 2024-11-13

Bengaluru real estate: The resident register of this tony area includes names like Flipkart co-founder Sachin Bansal and politician Rajeev Chandrasekhar.

Koramangala 3rd Block in South-East Bengaluru, often known as 'Billionaire Street', is home to some of Bengaluru's wealthiest and most affluent people, including startup founders, C-suite executives, politicians, and real estate developers. The pin code has recorded some of the most costly real estate deals in the city to date.

Quess Corp MD Ajit Isaac paid ₹67.5 crore for a 10,000-square-foot plot in Bengaluru's exclusive suburb earlier this year, making it the city's most expensive property transaction to date. Previously, TVS Motors bought a 9,488-square-foot land in the same area for ₹68,597 per square foot, making it the most expensive real estate transaction in the IT capital.

According to sector analysts, the high prices are due to a shortage of real estate in this sought-after premium location. They are not comparable to the larger market dynamics in the Garden City.

Housing.com data shows that the average home price in the affluent area increased by 9.5% to ₹35,000 per square foot in the third quarter of 2024, up from ₹32,000 in the same period last year.

The third block in the neighbourhood is the most expensive due to larger plot sizes and the fact that it is occupied by billionaires, according to brokers, with most bungalows spanning 4,000 square feet.

Koramangala 3rd Block's popularity stems from its proximity to major employment hubs in the IT capital, including Bannerghatta Road (6 km), Bellandur (7 km), Sarjapur-Marathahalli (6.5 km), and Electronic City (13 km).

Koramangala is a popular residential and business area in Bengaluru, as well as the city's start-up hub.

Residents: The gentry of Koramangala 3rd Block comprises prominent figures from a variety of fields, including business, medicine, politics, and real estate.

To name a few, the resident roster includes 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 stroll down the street will reveal a diverse range of residential constructions, from huge history villas to cutting-edge modern mansions and a fusion of the two, constructed by internationally renowned architects and beautifully decorated with antiques and modern art installations.

Most flats, hidden behind a large gated entry, have a private garden space, pool, gymnasium, underground parking and energy-efficient green building elements including solar electricity and a rainwater harvesting system.

position symbol: Owning a house in this affluent enclave not only represents riches, but also a particular social position, distinction, and financial success

Bengaluru's Property Market

According to a Knight Frank analysis, house prices in Bengaluru rose 10% year on year in the July-September quarter of 2024, the fastest increase among the country's top eight cities.

According to Square Yards, typical property prices in Koramangala (January-September) are around ₹19,149 per square foot, a 43% increase from ₹13,355 in 2023.

Between January and September 2024, the average monthly asking rent jumped to ₹48,000 - ₹1,34,400, up from ₹49,500 - 90,000 in 2023.

Source: Hindustan Times