Two recent real estate transactions in the city centre appear to have set new benchmarks. An ancestral bungalow on Lavelle Road spread across 4,300 sqft was sold at Rs 27.5 crore, which works out to Rs 64,000 per sqft for the land — said to be a new high in Bengaluru.
The property has a built-up area of 6,000 sqft. About five years ago, land value on Lavelle Road was at Rs 40,000 per sqft, sources told .Sadhwani Real Estate Holdings is said to have facilitated both transactions.
In the other transaction, Prestige Group has resold an 8,321 sqft apartment in Kingfisher Towers, on Vittal Mallya Road, for Rs 35 crore. That puts the going rate at Rs 42,000 per sqft, and indicates a good recovery from Covid-19.
Kingfisher Towers at UB City has limited supply of bespoke apartments in the heart of the city. Built on a 4.5-acre land parcel, the 34-storey ultra-luxury apartment has 81 apartments in three blocks. The towers are built on the land on which Vijay Mallya’s ancestral home once stood.
Prestige has sold its share of 41 luxury apartments in Kingfisher Towers, a joint development executed between the Prestige Group and Vijay Mallya back in 2010. When the project was launched 14 years ago, apartments were sold at Rs 22,000 per sft.
Irfan Razack, chairman and managing director of Prestige Group, confirmed the development. “In the luxury real estate market, the inventory is limited – it’s a collector’s item and sells at a premium price point. The location and the amenities have lifted the resale value to a new high,” he said.
In 2017, the Embassy Group sold an apartment for Rs 50 crore to Ajit Prabhu, chairman and chief executive of engineering outsourcing company Quest Global, making it the biggest residential deal ever in Bengaluru. Prabhu bought the 16,000 sqft apartment in Embassy One near Hebbal at a per sqft rate of about Rs 31,000.