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 report To the east of UB City, lies MG Road and Brigade Road just a few kilometres away.
This is the ultimate shopping destination in Bengaluru, according to the report, which added that the property is also adjacent to Lavelle Road, which is one of the most sought-after areas in the city, for both residential and commercial purposes. Kingfisher Towers on the other hand is a 34-storey luxury residential quarter with about 81 apartments that are 4 BHK. Who all are the industry leaders residing in UB City? Sudha Murty, MP, philanthropist, and wife of Infosys co-founder Narayana Murthy, bought a UB City apartment for ₹ 29 crore in 2020, according to the report, which cited data analytical firm Zapkey.
US-based industrialist and entrepreneur Krishna Chivukula Jr also bought another apartment there for ₹ 24 crore. Also Read: Air India faces ₹ 98 lakh fine; operated flights with ‘non-qualified’ pilots, DGCA says.
