Lifestyle International Chairman of the Board, Kabir Lumba, has bought a residential plot in Epsilon, in Bengaluru, for Rs 15.2 crore.
The property jointly owned by Lumba and his wife was purchased earlier by Madhuri Genomal, wife of Sunder Genomal- MD of Page Industries and her daughter, Pamela Kripalani.
The property is within the upscale gated community spread across 10,000 sq ft in Yemlur Homeowners Association on Yemlur Main Road, Bengaluru, which is off the Old Airport Road. Epsilon, by Invitation projects, as per documents accessed by zapkey (dot) com.
“The sale was closed last month between both the parties and the deal is for vacant land in Epsilon,” said a person aware of the deal. Page Industries is one of the most significant licensees globally for underwear maker Jockey.
Lumba is currently based out of Jumeirah Island, Dubai and has led Lifestyle and Home Centre businesses in India for over 14 years before taking over the role of CEO, Max Middle East in 2018 and subsequently the CEO of Landmark Group.
It could not be ascertained if the property has been bought as an investment or if he is planning to redevelop the property for personal use. ET’s separate email queries to Lumba and Genomal remained unanswered until the time of going to press.
Epsilon is a prime residential property in east Bengaluru with large layouts spread across 7,000 sq ft to over 10,000 sq ft. The property which comprises villa plots is priced around Rs 13,000-15000 per sq ft, depending on the plot size and the location.
Epsilon is considered as Bengaluru’s top address and houses some of the top names from the city including Bigbasket co-founder Abhinay Choudhari and Bjyu Raveendran, amongst others.
In recent times, silicon city has seen some large residential deals including plots. This includes Anand Surana of Bengaluru-headquartered generics firm Micro Labs and Raj Menda, corporate chairman of RMZ Group, buying property in the project Blessington. This was followed by Kris Gopalkrishnan’s purchase of two properties in Bengaluru’s boulevard of billionaires, Koramangala.