K J George, who is the son of well-known politician Rana George has made an investment of 35 core for a residential property in Bengaluru 2022 in one of the very significant properties. The Kingfisher tower property, which is on Vittal Malaya road is spread over 8321 sqft. This was purchased by Rizwan Razak who is one of the promoters of the prestige group.
On April 19 this deal was registered and as per the document of registry shared by Zap Key around 2CR of stamp duty was paid. This luxurious project is a joint venture of UB group (Vijay Mallya) and Prestige Group which holds an interest of 45% in this project of Rs 1300 crore. The prices start at Rs 42,000 sq. ft and each flat is spread at over 8,000ft. There was no response to an email sent to the Prestige group.
A new benchmark has been set by two recent transactions in the city center. A bungalow which is ancestrally located on Lavelle road has been sold for Rs 27.5 crore. This property is spread over 4,300 sq ft. which would be Rs 64,000 per sq ft. for the land. This has set a new high in Bengaluru.
The bespoke apartments supply in the heart of the city is limited in Kingfisher Towers at UB City. The Kingfisher Towers is built on 4.5 acres of land. It is an ultra-luxurious apartment of 34 –stories and has 81 apartments. These towers are constructed in the Vijay Malaya’s ancestral homeland.
The 41 luxury apartments are sold in Kingfisher tower which belongs to Prestige share. As this was a joint development project undertaken by Prestige group and Mallaya back in 2010. This ultra-luxury project apartment was sold at the rate of Rs 20,000 per sq ft. in 2010.
A lot of transactions are observed in the ultra-luxury space in Bengaluru. NRJN Family Trust established by Nandan Nilekani, co-Founder & non-executive chairman of Infosys has recently closed huge deals by purchasing a residential property, which is one of the largest transactions of property for around Rs 58 core in Koramangala Bengaluru. Among other luxury apartments is prestige elm park coming up in Whitefield.
Recently in Bengaluru’s ‘boulevard of billionaires’ two-property were purchased by SGK Investment Trust, the family office of Kris Gopalkrishnan for around 76 crores. In Koramangala, a bungalow was purchased by executive chairman Ajit Isaac for around 52 crores.
A new peak was observed for the second straight quarter, which is the highest ever quarterly sales in Bangalore. In Mumbai Metropolitan Region (MMR) sales stood at 11 years high as per Knight Frank.