For ₹ 50 crore, you can get an ultra-luxury apartment in Bengaluru's Kingfisher Towers, an extension of UB City where many business and industry leaders reside, Moneycontrol wrote, citing local brokers involved in marketing the apartment. The 4 BHK apartment is more than 8,000 sq ft and has multiple pending queries, the report quoted Bengaluru-based a real estate company Vistara, one of the brokers, as saying. Also Read: South Asia's tallest skydeck, three times taller than Qutub Minar to be built in Bengaluru Vistara had previously done a ₹ 40 crore deal in Kingfisher Towers for for a similar UB City apartment about six months back.
Bengaluru's ultra luxury apartments appreciated by at least 25-30% due to high demand and lower supply, the report quoted Sunil Singh, director of Realty Corp as saying. "Apartments in Indiranagar's prime Defence Colony are commanding a rate of ₹ 5 crore and upwards or ₹ 22,000 per sq ft. Prestige Lakeside Habitat, close to Sarjapura, and Prestige Kenilworth in prime Vasanth Nagar, are already commanding upwards of ₹ 10 crore today," he added.
What is UB City? UB City, known as a luxury district in Bengaluru has a luxury mall called The Collection, Oakwood service apartments, and office spaces. Around ₹ 1,500 crore has been invested in its development, and each 8,000 sq ft apartment today costs at least ₹ 35-40 crore. Also Read: IT and textile sector labelled 'job destroyers,' significant decline in job growth in FY 2023-24: BoB rep.