The property, acquired by Ajit Isaac, is nestled in Bengaluru’s esteemed Koramangala neighborhood, famously referred to as “Billionaire Street.” Among its notable residents is Flipkart co-founder Sachin Bansal.
In a significant development in the Bangalore real estate sector, Ajit Isaac, the managing director of Quess Corp, has clinched what is being hailed as the city’s most expensive property deal.
The acquisition entails a sprawling 10,000 square feet plot located in the prestigious Koramangala 3rd block, often referred to as “billionaire street,” for a staggering Rs 67.5 crore, as reported by The Economic Times.
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This landmark transaction has set a new benchmark in Bangalore’s property market, commanding an impressive price of Rs 70,300 per square foot, surpassing previous records.
The deal, finalized last week, involved the purchase of the property from its previous owners, Arvind Reddy and Geeta Reddy. Notably, the last deal concluded in this locality by TVS Motor stood at approximately Rs 68,000 per sqft.
The purpose behind the acquisition, whether for investment or personal redevelopment, remains undisclosed. Situated in the sought-after southern suburb of Koramangala, the property boasts prime location advantages and strategic proximity to Bangalore’s bustling business hubs.
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Koramangala has emerged as a thriving entrepreneurial center, attracting startups and affluent individuals alike.
Particularly renowned for its exclusivity, the third block of Koramangala counts distinguished personalities such as Flipkart co-founder Sachin Bansal among its residents.
According to The Economic Times, Ajit Isaac’s new neighbors in this prestigious locale will include prominent figures like Nandan Nilekani, Kris Gopalakrishnan, Dr. Devi Shetty, and Rajeev Chandrasekhar.
This acquisition comes amidst a surge in the luxury real estate market across India. Towards the end of 2023, Rajesh Magow, CEO of MakeMyTrip, and Piyush Mehta, CHRO of Genpact, each invested approximately Rs 33 crore in separate transactions to acquire 6,500 sq ft apartments at The Magnolias by DLF on Golf Course Road in Gurgaon.
Cities like Mumbai, Delhi-NCR, and Bengaluru have emerged as prominent hubs driving this surge, reflecting a growing demand for opulent properties in metropolitan areas.
