Similar to the trends being witnessed in the Mumbai and Delhi property markets, the IT Capital of the country Bengaluru is also seeing a flurry of deals being finalised during the pandemic. The size of these deals is around Rs 10 crore to Rs 35 crore.
Some of the key locations where high value transactions have taken place in Bengaluru are Koramangala, Lavelle Road, Vasanth Nagar, Richmond Town, Ashok Nagar, Rajmahal Vilas extension, Sadashivanagar, Indiranagar among others.
Anesh Shetty, the son of Narayana Health Chairman Dr. Devi Prasad Shetty, has bought an independent house worth Rs 18.57 crore in Koramangala in January, documents made available by Zapkey.com have revealed.
The seller of the property was Raja Bagmane, founder and managing director of Bagmane Group Founder and Managing Director, Bagmane Group, developer of prestigious business parks in Bengaluru and Nagmani Rajmane.
The area of the property is 5,400 sq ft and the built up area of the residential building is 3,152 sft. He paid a stamp duty of Rs 1.04 crore, the documents shared by Zapkey.com, an online platform that aggregates and organizes publicly available property registration data, said.
In another deal, Dilip R Vellodi, the chairman and CEO of Sutherland Global, global provider of business process outsourcing services, also bought an independent house in HAL 2nd stage in Indira Nagar for Rs 8 crore in January 2021, as per documents available on Zapkey.com. The property is spread across an area of 3,480 sft and the built up area of the property is 1,500 sq ft. Vellodi paid a stamp duty of Rs 45.1 lakh for the deal.
Some of the other high profile deals in Koramangala in the last couple of years as per documents accessed by Zapkey.com include Nadan Nilekani’s NRJN Family Trust (Rs 39.8 crore in the month of December in 2019), Raja Bagmane (Rs 43.2 cr in November 2019), Jhanavi Nilekani, daughter of Nandan Nilekani bought a bungalow for Rs 30 crore in December 2019.
Prestige Kingfisher Towers in Ashok Nagar witnessed some of the priciest value property deals in Bengaluru, brokers active in the area said.
In June 2020, Sudha Murthy - the wife of Infosys founder Narayana Murthy, bought a property in this project for Rs 28 crore, according to documents shared by Zapkey.com.
Krishna Chivukula, businessman and owner and chairman of board of directors of INDO US MIM TEC Private Limited,bought a unit for Rs 24.1 crore in May 2020. Another unit in this project was bought by Zonu Reddy of Zonasha Estates for Rs 28.5 crore in October 2020.
Areas like Vasanth Nagar, saw buyers like Raj Menda, corporate chairman of RMZ Group and Anand Surana ofBengaluru-headquartered generics firm Micro Labs, buying property in the project Blessington for Rs 20.26 crore and Rs 13.76 crore respectively in the month of May 2020, registration documents accessed by Zapkey.com said.
Local brokers say that property prices in Koramangala, located South of the central business district, range from Rs 25,000 to Rs 30,000 per sq ft. Several corporate executives and owners of start-ups reside in the area. It is the hub of technology majors.
Lavelle Road, is in the central business district and commands prices in the range of Rs 40,000 to Rs 45,000 per sq ft. These are independent homes and high end apartments such as the Kingfisher Towers where the apartment size per floor is about 8,000 sq ft and sale price between Rs 25,000 to Rs 30,000 per sq ft.
East of CBD are located areas such as Indiranagar and Richmond Town where quality apartments command a price of Rs 25,000 to Rs 30,000 per sq ft. Vasanth Nagar is towards the north of CBD.
“Buyers have been on the lookout for quality properties in Bengaluru and the COVID-19 pandemic accelerated the trend. There is demand for properties across segments and a sizable number of deals have been closed for high-end bungalows, villas and apartments as well. Unlike other cities, Bengaluru is primarily an end user market,” said Rahul Arora, managing director, Bengaluru, JLL India.