+
Lavelle Road's ancestral bungalow sold at Rs 27.5 cr in Bengaluru
Real Estate

Lavelle Road's ancestral bungalow sold at Rs 27.5 cr in Bengaluru

Two recent real estate transactions set new benchmarks in Bengaluru. An ancestral bungalow on Lavelle Road spread across 4,300 sq ft was sold at Rs 27.5 crore, which works out to Rs 64,000 per sq ft for the land.

The bungalow has a built-up area of 6,000 sq ft. Around five years ago, the land value on Lavelle Road was Rs 40,000 per sq ft.

Sadhwani Real Estate Holdings might have facilitated both the transactions.

Prestige Group has resold an 8,321 sq ft apartment in Kingfisher Towers for Rs 35 crore on Vittal Mallya Road.

Kingfisher Towers at UB City has a limited supply of bespoke apartments. It is built on 4.5 acres of land parcel. The 34-storey ultra-luxury apartment has 81 apartments across three blocks.

These towers are built on the land of Vijay Mallya’s ancestral home.

Prestige Group has sold its share of 41 luxury apartments in Kingfisher Towers in joint development executed between the Prestige Group and Vijay Mallya in 2010. After the launch of the project, the apartments were sold at Rs 22,000 per sq ft.

Chairman and Managing Director of Prestige Group, Irfan Razack, said that in the luxury real estate market, the inventory is limited. It is a collector’s item and sells at a premium price point. The location and the amenities have increased the resale value to a new high.

Earlier in 2017, the Embassy Group sold an apartment for Rs 50 crore to the chairman and chief executive of Quest Global, Ajit Prabhu, the biggest-ever residential deal in Bengaluru. Prabhu bought the 16,000 sq ft apartment in Embassy One near Hebbal at about Rs 31,000 per sq ft.

Image Source

Also read: 2BHK houses witnesses 42% demand share from homebuyers

Two recent real estate transactions set new benchmarks in Bengaluru. An ancestral bungalow on Lavelle Road spread across 4,300 sq ft was sold at Rs 27.5 crore, which works out to Rs 64,000 per sq ft for the land. The bungalow has a built-up area of 6,000 sq ft. Around five years ago, the land value on Lavelle Road was Rs 40,000 per sq ft. Sadhwani Real Estate Holdings might have facilitated both the transactions. Prestige Group has resold an 8,321 sq ft apartment in Kingfisher Towers for Rs 35 crore on Vittal Mallya Road. Kingfisher Towers at UB City has a limited supply of bespoke apartments. It is built on 4.5 acres of land parcel. The 34-storey ultra-luxury apartment has 81 apartments across three blocks. These towers are built on the land of Vijay Mallya’s ancestral home. Prestige Group has sold its share of 41 luxury apartments in Kingfisher Towers in joint development executed between the Prestige Group and Vijay Mallya in 2010. After the launch of the project, the apartments were sold at Rs 22,000 per sq ft. Chairman and Managing Director of Prestige Group, Irfan Razack, said that in the luxury real estate market, the inventory is limited. It is a collector’s item and sells at a premium price point. The location and the amenities have increased the resale value to a new high. Earlier in 2017, the Embassy Group sold an apartment for Rs 50 crore to the chairman and chief executive of Quest Global, Ajit Prabhu, the biggest-ever residential deal in Bengaluru. Prabhu bought the 16,000 sq ft apartment in Embassy One near Hebbal at about Rs 31,000 per sq ft. Image Source Also read: 2BHK houses witnesses 42% demand share from homebuyers

Next Story
Infrastructure Transport

Railway Board Approves Budgam–Delhi Parcel Train

The Railway Board has approved the launch of a Joint Parcel Product–Rapid Cargo Service (JPP-RCS) for the Jammu division. The train will operate daily between Budgam railway station in the Kashmir Valley and Adarsh Nagar in Delhi.The service will comprise one seating-cum-luggage rake and eight parcel vans. To support traders, loading and unloading facilities will be provided at Bari Brahmana station. Initially, the cargo service will run on a pilot basis, with security arrangements ensured by state police.Officials said the initiative is designed to increase the railways’ share in the cour..

Next Story
Infrastructure Energy

PFC Secures EUR 150 Million Loan from KfW to Fund RDSS Projects

Power Finance Corporation (PFC) has signed a loan agreement worth EUR 150 million with Germany’s KfW to finance projects under the Government of India’s Revamped Distribution Sector Scheme (RDSS).The funding will support initiatives aimed at improving the operational and financial efficiency of power distribution companies across the country.Parminder Chopra, CMD, PFC, said, “PFC has been at the forefront of financing and enabling reforms in India’s power distribution sector. This new line of credit will help in realising Government’s vision of ensuring reliable, affordable, and sust..

Next Story
Infrastructure Energy

PM Launches Rs 68.80-Bn Buxar Thermal Power Plant, Key Projects in Bihar

Prime Minister Narendra Modi on Friday inaugurated a series of projects in Bihar, including the Rs 68.80-billion Buxar thermal power plant from Gayaji district.The thermal power plant is expected to significantly enhance power generation, strengthen energy security, and cater to the rising electricity demand in the region.The Prime Minister also flagged off two new trains – the Amrit Bharat Express between Gayaji and Delhi, and the Buddhist Circuit train between Vaishali and Koderma, aimed at improving connectivity and tourism across key Buddhist destinations.In the healthcare sector, he ina..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?