Bengaluru has been a hub of massive real estate investments in the past few decades. Politicians, businessmen or high profile officials have not shied away from investing in this land of opportunities. Residential properties have been a key highlight of the city along with the commercial space. Recently politician K J George’s son, Rana George, came to light for his extravagant purchase of a 35 crore residential property in Bengaluru. It is one of the largest residential transactions in the city this year. According to sources, the bought property is at Kingfisher Tower located on Vittal Mallya Road. The estimated area of the property is said to be 8321 square feet.
Kingfisher Tower is the collaborative product of the UB Group of Vijay Mallya and Prestige Group. The property houses ultra-luxury apartments spread over an area of 4.5 acre land. The fascinating 34-storey building has 81 super luxury apartments with every high-end amenity. In recent months there has been a steady increase in the purchase of luxury apartments in Bengaluru. Many have observed that a life back to normalcy has been the major cause for the renewal of the residential market in the city.
Kingfisher Heights already holds significant attention for being built on Vijay Mallya’s ancestral home. Estimated to be sold at Rs 20,000 per square feet in 2010, the property now costs higher owing to its increased demand. During pandemic the real estate market was affected severely. Multiple projects were stranded in uncertainty. However deals like this one brings a ray of hope for the surging real estate market in India.
Another instance of a massive residential property deal happened in Koramangala. The deal was closed by NRJN Family Trust, an establishment founded by Nandan Nilekani (co-founder and non-executive chairman of Infosys Technologies). The estimated cost of the deal has been around Rs 58 Crore. SGK Investment Trust also recently bought two properties for nearly Rs 74 Crore this year. While Ajit Issac (executive chairman of Quess Corp) bought a bungalow worth Rs 52 Crore in Koramangala.
The real estate market is raining with extravagant deals which significantly targets the billionaires of the country. Bengaluru’s strategic position and its large scale development have been a key reason for such investments. Also the variety of options that the real estate market provides its customers has played a major role in attracting people from all sections of the society. It is inevitably true that some of the market is designed to capture the elites. It targets the rich class and is tailored to suit their taste and convenience. The Bengaluru real estate market has kept a special eye on that. By building super luxury apartments and bungalows the city has amped its business and overall performance. It is hence most likely that we see such large transactions in the following years to come too. Prestige City Sarjapur is one of the best projects launched by prestige group.