Real Estate
Bengaluru's Luxury Real Estate Market Sees ₹47 Crore Residential Property Sale in Indiranagar
2024-08-30 · GeoSquare
Bengaluru's luxury real estate market is witnessing a surge in high-end transactions. In a recent deal, a residential property in Defence Colony, Indiranagar, has been sold for ₹47.5 crore, according to property registration documents accessed through proptech platform Zapkey.
The 8,800-square feet land parcel houses an independent residential unit spanning a built-up area of 2,500 square feet. The property is located in Defence Colony, 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.
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.
While high-end real estate deals are common in Mumbai, Bengaluru is fast following in the footsteps with rising demand for luxury properties in recent times. Earlier this year, 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, in Koramangala 3rd Block, popularly called the ‘Billionaire Street’.
Experts say that these transactions are not comparable to the broader market dynamics, resulting 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. 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.
Zapkey is a proptech platform that provides access to property registration documents and other real estate-related information.