BANGALORE: The IT City's residential real estate price has touched a new peak: Rs 33,000 per sqft. A recent apartment sale at Kingfisher Towers, an ultra highend residential project coming up on Vittal Mallya Road, recorded this rate. It's said to be the highest residential capital value in the city's history.

Kingfisher Towers, 34 storeys high, is a joint venture between the UB Group and the Prestige Group.

Sources privy to the development informed TOI the apartment was one of the few remaining in Kingfisher Towers, and is on one of the highest floors, with a view of Cubbon Park. The 8,200 sqft apartment will cost about Rs 27 crore.

Super luxury homes emerging in Bangalore's city centre are attracting the wealthy. Ashok Kheny, MD of Nandi Infrastructure Corridor Enterprises, booked an 8,000-sqft apartment in Kingfisher Towers last year. Kheny would not talk about the price, but sources say he will pay Rs 24 crore.

Real estate watchers say Bangalore's real estate has come of age with an apartment rate of Rs 33,000 per sqft.

"While Rs 33,000 per sqft shows the coming of age of Bangalore's luxury residential market, it's still way behind the average price of Rs 70,000 per sqft that's quoted at many luxury residential developments in Mumbai," says Gulam Zia, national director, research & advisory services, of global property consultants Knight Frank.

Mantri's Altius was one of Bangalore's first super luxury projects . Launched in 2004, a 6,000-sqft apartment was then sold at Rs 5 crore. The price shot up to Rs 9 crore when the project was completed in 2006. Total Environment has launched a new project , Van Gogh's Garden, that offers 17 customized apartments, each having a terrace garden and a water body. The 4,000-9 ,000 sqft apartments cost between Rs 10 crore and Rs 23 crore.

At Rs 33,000 per sqft , Bangalore's rate is still way below the rates Mumbai has recorded. In November 2010, a national record was created when Flat 203 of Samudra Mahal, Worli, was sold for Rs 1,07,000 per sqft . In 2007, a fourbedroom unit at NCPA Apartments , Nariman Point, fetched a rate of Rs 97,842 per sqft.

Farook Mahmood, CMD of brokerage firm Silverline Realty, says Kingfisher Towers is "a one-of-a-kind project whose amenities, specs , infrastructure and location - overlooking Cubbon Park - cannot be recreated or compared with any other residential project in India. Just for its sheer location and view, the only comparison can be made with apartments overlooking Central Park in New York."

Times of India - 11/04/2012
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  • Yeah - cool. We can't stop admiring the man- Dr Vijay Mallya. He owes 8000 crores to every one and his uncle. He still owns horses, IPL teams,cars and sells premium real estate at super premium rates.

    And his bankrupt company building is compared to Central Park in New York. Some one forgot to tell Shri Farook Mahmood, that from the apartment they could see the garbage lying outside the KSCA stadium and thought it was the grass from central park.
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  • Hoax

    Trash! Either this is a false report (some deal between Mallya & Ashok.. the real transfer would have been much lesser, but for some suspicious business reason, which we can't fathom right now, they agreed to publish that the apt was sold for that much - may be Mallya wants to tell the world that he's still doing great, or any other God-knows-what reason) or, even if it is true, this would be a very isolated transaction (how many Mallyas are there in India? compare that with the number of IT/govt/private employees) and would not affect the RE climate in the city.
    No need to make a big deal of this (of course Mallya would want to make a big deal of this for yet-to-be-discovered reason.)
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