Bengaluru's high-profile real estate deal: Indiranagar property sold for ₹47.5cr
A residential property in Bengaluru's posh Indiranagar neighborhood has been sold for a staggering ₹47.5 crore, marking one of the city's most expensive real estate transactions this year, local brokers told Moneycontrol. The property encompasses an 8,000 sq. ft. plot with a built-up area of 2,500 sq. ft. The sale agreement obtained by data analytical firm Zapkey, reveals the new owners are Himadri Tanaya Lenka and Shrinibash Sahoo, the latter being the founder of Odisha's Lyfe Hotel.
Property's strategic location and potential commercial use
The property is strategically located in Defence Colony, adjacent to the busy 100 Feet Road. This area is known for its high-profile residents including industry leaders and ex-military officials. Despite Indiranagar's commercial surge, Defence Colony has retained its residential nature due to court orders and strict civic rules. However, local brokers speculate that the newly purchased property could be repurposed for commercial use given the lucrative opportunities along 100 Feet Road.
Bengaluru's second-largest residential deal of 2024
Zapkey reveals that this is the second-largest residential real estate deal in Bengaluru in 2024. The top spot is held by Ajit Isaac, Managing Director of Quess Corp, who acquired a 10,000 sq. ft. property on Koramangala's "Billionaire Street" for ₹67 crore earlier this year. This street is home to several prominent figures such as Infosys founders Nandan Nilekani and Kris Gopalakrishnan, Narayana Health founder Devi Shetty, and Flipkart co-founders Sachin Bansal and Binny Bansal.
Escalating property prices in prime areas
Kiran Kumar from Hanu Reddy Realty has noted a 15-20% increase in residential property costs in prime areas of Indiranagar over the past year. He revealed they are currently marketing another property in Defence Colony for over ₹40,000 per sq. ft. Commercial properties on 100 Feet Road are fetching around ₹54,000 per sq ft, rising 15% from last year. Other parts of Indiranagar like HAL Second Stage are also witnessing price hikes with current rates between ₹30,000-₹35,000 per sq. ft.
