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