In one of the most expensive residential real estate transactions in Bengaluru this year, a property in the upscale Indiranagar neighbourhood has sold for Rs 47.5 crore, local brokers aware of the development told Moneycontrol.
According to the sale agreement accessed by data analytical firm Zapkey, the property, which includes an 8,000 sq ft plot with a 2,500 sq ft built-up area, was purchased by Himadri Tanaya Lenka and Shrinibash Sahoo, who also is the founder of the Lyfe Hotel in Odisha. The transaction was finalized on July 25.
Located adjacent to the bustling 100 Feet Road, the property is situated in Defence Colony, one of Bengaluru's most exclusive residential areas. This neighbourhood is known for housing top industry leaders and former military officials. Despite the commercial boom in Indiranagar, Defence Colony has maintained its residential character, thanks to court rulings and strict civic policies.
Though the sale is officially recorded as a residential transaction, local brokers suggest that the property may eventually be converted for commercial use due to the lucrative opportunities along 100 Feet Road. The area has seen significant commercial development since the mid-2010s, attracting luxury brands and startups.
Attempts to reach Sahoo for comment were unsuccessful.
Bengaluru's Second-Largest Residential Deal of 2024
Data from Zapkey indicates that this transaction is the second-largest residential real estate deal in Bengaluru in 2024. The largest deal of the year occurred earlier when Ajit Isaac, Managing Director of Quess Corp, purchased a 10,000 sq ft property in Koramangala's "Billionaire Street" for Rs 67 crore.
Koramangala's third block, known for its premium plots and high-profile residents, remains the most expensive area in Bengaluru. The street is home to several notable figures, including Infosys founders Nandan Nilekani and Kris Gopalakrishnan, Narayana Health founder Devi Shetty, and Flipkart co-founders Sachin and Binny Bansal.
Rising Property Prices in Prime Bengaluru Areas
Kiran Kumar, a realtor at Hanu Reddy Realty, noted that residential property prices in prime areas of Indiranagar have increased by 15-20% over the past year. "We are currently marketing another property in Defence Colony for over Rs 40,000 per sq ft. Commercial properties on 100 Feet Road are fetching around Rs 54,000 per sq ft, up 15% from last year," he said.
Other parts of Indiranagar, such as HAL Second Stage, are also seeing price increases, with current rates ranging from Rs 30,000 to Rs 35,000 per sq ft, reflecting a similar 15% annual rise.
Local brokers attribute the continued appreciation of property prices in Bengaluru's prime areas to a limited supply of inventory and high demand. This trend has also led to price increases in other parts of the city, such as Banashankari in the south and Judicial Layout in North Bengaluru, where residential property prices have surged significantly over the past year.
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