While Mumbai has long witnessed ultra-luxury real estate transactions, some worth as high as ₹100 crore, Bengaluru is fast catching up with demand for upscale residential properties. The IT capital is seeing an increase in the number of HNIs and industrialists picking up marquee properties in the IT capital priced at more than ₹50 crore.
"Buyers’ aspirations, lifestyle, and income growth started changing post-2022. We saw 2023 as one of the golden years where Bengaluru witnessed several luxury and even ultra-luxury transactions driven by buoyant demand in the sector," said Amar Mysore, president of CREDAI Bengaluru.
Bengaluru offers investors encouraging returns, with rental yields typically ranging from 5% to 7%. Because of its vibrant climate and dynamic growth, the city is a top option for people looking to make steady and profitable real estate investments, said real estate experts.
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Top residential deals in Bengaluru in 2024
1) In April, chairman and managing director of Bengaluru-based company Quess Corp, Ajit Isaac, bought a 10,000 sq ft property worth ₹67.5 crore in Koramangala area, the IT capital’s billionaire street, making it the most expensive real estate deal in the city.
{{/usCountry}}1) In April, chairman and managing director of Bengaluru-based company Quess Corp, Ajit Isaac, bought a 10,000 sq ft property worth ₹67.5 crore in Koramangala area, the IT capital’s billionaire street, making it the most expensive real estate deal in the city.
{{/usCountry}}Documents showed that the transaction's per sq ft price was around ₹70,300 per sq ft.
2) For ₹13.5 crore, Ola Group Executive Amit Anchal bought a lavish property in Adarsh Palm Retreat Villas, situated on East Bengaluru's Marathahalli Outer Ring Road. The 110-acre plot of land is 4,774 square feet and is part of a gated community with 800 Victorian mansions with red roofs. The big-ticket deal, signed in July, named duo Amit Anchal and Archana Singh as the buyers. Meanwhile, Narasimhan Babu Rajagopal and Sujatha Narasimhan Babu were the sellers.
3) Around August 2024, an ultra-luxury apartment in the Kingfisher Towers went up for sale at a price of ₹50 crore. The apartment saw a price appreciation of over 40% in 48 months. Kingfisher Towers, an extension of UB City, is home to several business titans and executives in the IT Capital, including Biocon’s Kiran Mazumdar Shaw, Sachin Bansal of Flipkart, Ananth Narayanan from Mensa Brands and Nikhil Kamath of Zerodha.
Sprawling across a 4.5-acre land parcel, the Billionaires’ Tower is a 34-storeyed luxury residential quarter with about 81 apartments (4 BHK) in three blocks, starting from 8,000 square feet. The top two floors comprise a lavish penthouse.
Also Read: Narayana Murthy buys ₹50 cr luxury apartment in Bengaluru's Kingfisher Towers
4) In December, NR Narayana Murthy, the founder of Infosys, paid around ₹50 crore for a second flat in Bengaluru's Kingfisher Towers. The 16th-floor apartment, which measures 8,400 square feet, has four bedrooms and five designated parking spots.
5) In another top deal in Bengaluru's Indiranagar district, a house sold for ₹47.5 crore in August 2024. The 8,800-square-foot land parcel housing an independent house spanning a built-up area of 2,500 square feet is located in prime Indiranagar's Defence Colony.