An ultra-luxury apartment in the Kingfisher Towers — an extension of UB City that houses several industry and business leaders from across sectors — is up for sale for Rs 50 crore, local brokers marketing the apartment told Moneycontrol.
Vistara, a real-estate company in Bengaluru, one of the brokers, said that the 4BHK apartment sprawls more than 8,000 sq ft, and several queries are already pending.
Popularly known as a luxury district in Bengaluru, UB City has integrated developments, consisting of a luxury mall (The Collection), vast office spaces and Oakwood service apartments. The Kingfisher Towers or the Billionaires’ Tower is a 34-storey luxury residential quarter with about 81 apartments (4 BHKs).
According to data analytical firm Zapkey, Member of Parliament and philanthropist Sudha Murty bought an apartment in UB City for Rs 29 crore in 2020. In the same year, Krishna Chivukula Jr, a US-based industrialist and entrepreneur, bought another apartment in the same project for Rs 24 crore.
Most costly real estate in Bengaluru
"We have marketed one apartment in Kingfisher Towers about 4 years back for Rs 35 crore. The UB City is one of the most expensive real estate in Bengaluru that can command such high rates," Kiran Kumar, a realtor at Hanu Reddy Realty, added.
Right from the commencement of construction between 2006 and 2008, including the residential apartments in UB City that came up much later (2014-2016), about Rs 1,500 crore has been invested in the development, and today, according to local realtors, each apartment costs at least Rs 35-40 crore for an 8,000 sq ft apartment.
Currently, the entire development is held by Prestige Group and UB Holding in a 45-55 percent ratio.
What makes UB City the most expensive property in Bengaluru?
Uzma Irfan, Director, UB City, Prestige Group, told Moneycontrol, "Kingfisher Tower isn’t just a residential development. Personalised concierge services, exclusive wellness amenities, high expansive living spaces, high ceilings, floor-to-ceiling windows and state-of-the-art amenities make a statement for luxury and elegance."
The strategically planned location also adds to the real-estate value. To the east of UB City, just a few kilometres away, are MG Road and Brigade Road, the ultimate shopping destination in Bengaluru. The property is adjacent to Lavelle Road, one of the most sought-after areas in the city, for both residential and commercial purposes.
Luxury real estate in Bengaluru appreciated by 30% YoY
Sunil Singh, director of Realty Corp said that, compared to last year, ultra-premium luxury apartments in Bengaluru have appreciated by at least 25-30 percent. "Apartments in Indiranagar's prime Defence Colony are commanding a rate of Rs 5 crore and upwards or Rs 22,000 per sq ft. Prestige Lakeside Habitat, close to Sarjapura, and Prestige Kenilworth in prime Vasanth Nagar, are already commanding upwards of Rs 10 crore today," he said.
Singh added that the high price appreciation for luxury real estate can be attributed to lower supply amidst high demand for apartments.
After UB City, brokers say that the second-most expensive luxury apartments would be the private residences of Four Square Seasons (developed by Embassy Group) in north Bengaluru's Hebbal. "A 1BHK apartment in the project is being quoted upwards of Rs 7.5 crore, a 2BHK for about 12 crore and 4BHK for over Rs 25 crore," Kumar said.
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