 "Ajit Isaac")
Ajit Isaac, the managing director of Quess Corp, has secured the most expensive property deal in Bangalore, acquiring a sprawling 10,000 square feet plot in Koramangala 3rd block, popularly known as billionaire street, for a staggering Rs 67.5 crore, according to a report by The Economic Times.
The acquisition has set a new benchmark for the Bangalore property market, with a price of Rs 70,300 per square foot, eclipsing previous records.
According to ET, the transaction was finalised last week, with the property previously owned by Arvind Reddy and Geeta Reddy. Notably, TVS Motor concluded the last deal in this locality at approximately Rs 68,000 per sqft.
Whether the property acquisition is for investment purposes or to be redeveloped for personal use remains uncertain.
Situated in the southern suburb of Koramangala, the property holds value owing to its prime location and strategic proximity to Bangalore's business hubs. Koramangala has also emerged as an entrepreneurial hub, attracting startups and self-made billionaires alike.
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The third block of Koramangala, in particular, has garnered a reputation as an exclusive enclave, counting notable figures such as Flipkart co-founder Sachin Bansal among its residents. Nandan Nilekani, Kris Gopalakrishnan, Dr Devi Shetty, and Rajeev Chandrasekhar will be among some of Isaac's neighbours in this new locale, ET added.
The acquisition comes amid a surge in the luxury real estate market in India. At the end of 2023, MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, both invested approximately Rs 33 crore each in separate transactions to acquire 6,500 sq ft apartments at The Magnolias by DLF on Golf Course Road in Gurgaon.
Mumbai, Delhi-NCR, and Bengaluru have emerged as key contributors to this surge, reflecting a growing demand for extravagant properties in these metropolitan cities.
