Micro Labs managing director buys bungalow in Bengaluru’s Koramangala for Rs 66 crore 

The land along with the bungalow, measuring 8,373.99 sq. ft., are spread across a total area of 12,043 sq. ft. and located in Fair Field layout.

In perhaps the most expensive property deal to have been brokered in Bengaluru, healthcare company Micro Labs’ Managing Director Dilip Surana has bought a bungalow in Bengaluru for Rs 66 crore, documents accessed by real estate data analytics firm CRE Matrix showed.

The land along with the bungalow, measuring 8,373.99 sq. ft., are spread across a total area of 12,043 sq. ft. and located in Fair Field layout along Devaraj Urs Road, formerly known as Race Course Road, the sale deed showed.

A stamp duty of Rs 3.36 crore was paid for the deal registration on March 8, 2023.

The sale deed names the buyers as Dilip Surana and his wife Archana Surana.

There was no response from Surana.

March 31 was the last date for amendments to Sections 54 and 54F of the Income Tax Act to kick in. The Amendments enabled Budget 2023 to cap the deduction on capital gains on investment in residential property at Rs 10 crore.

“For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under Sections 54 and 54F to Rs 10 crore,” Finance Minister Nirmala Sitharaman said in her Budget proposal for 2023-24.

According to real estate brokers, Fair Field Layout is a posh area in Bengaluru surrounded by a Golf Course and a Race Course. It consists of large sized plots of over 10,000 sq. ft. and just about 20 to 40 bungalows. It can be compared to Koramangala’s Third Block, considered one of the richest enclaves in India’s Information Technology (IT) capital.

Some of the country’s most successful entrepreneurs have homes in Koramangala Third Block, like Devi Prasad Shetty of Narayana Health and Flipkart founders Sachin Bansal and Binny Bansal. Bungalows are spread across 4,000 sq. ft and plot sizes are around 10,000 sq ft.

Given the limited supply of plots and independent houses in these blocks and the high demand from ultra-high net worth individuals, not too many deals were finalised during the two-month window for Section 54 and 54F, said brokers active in the area.

NRJN Family Trust, set up by Nandan M Nilekani, co-founder and chairman of Infosys, sold a property in Bengaluru’s so-called billionaire street in Koramangala for Rs 54.70 crore. The plot area was 9,488 sq ft. The sale deed was registered on January 30, 2023.

TVS Motor Company Limited had bought a bungalow in the same street in Koramangala for Rs 65 crore. The property was situated in 3rd Block of Koramangala. The land area is 9,488 square feet (sq ft), and super built-up area 3,923.60 sq ft. The document was registered on December 19, 2022.