Quess Corp promoter buys bungalow in Bengaluru's billionaire street for Rs 52 crore

Quess Corp | The company announced separation of its Chairman and MD roles. Suraj Moraje, currently Group CEO and Executive Director, will be elevated to Group CEO and Managing Director, and Ajit Isaac, currently Executive Chairman and MD, will continue in the role of Executive Chairman.

The promoter of Bengaluru-based Quess Corp has bought a bungalow spread across 9,507 sq ft in the IT capital’s posh Koramangala area for Rs 52 crore, according to documents shared by Zapkey.com.

Moneycontrol has reviewed a copy of the document.

Ajit Abraham Isaac, promoter of the staffing company, bought the property from Brijesh R Wahi, a Singapore-based NRI. The property is located in Koramangala Extension and measures 9507 sq ft and the per sq ft price works out to around Rs 58,000 per sq ft.

The property was registered on June 18, 2021, the documents said.

There was no response to an email sent to Isaac.

The third block located in Koramangala is called Billionaire's Paradise as most of the country’s successful entrepreneurs reside in this locality, according to local brokers. Some of the residents include Infosys co-founder Nandan Nilekani, Kris Gopalakrishnan, Dr Devi Shetyy of Narayana Health, Flipkart founders Sachin and Binny Bansal.

Of the six blocks in the area, only the third block is the most expensive because of larger plot sizes and the fact that it is inhabited by billionaires, brokers said.

Bungalows that are spread across 4000 sq ft command a price of just about Rs 25000 per sq ft, they said.

Flipkart founder Sachin Bansal utilized proceeds of the sale of the company to buy a 10,000 sq ft property in this area at the rate of Rs 45,000 per sq ft. He had earlier bought a property in the same area for 25,000 sq ft in 2016. Recently, the owner of  Bengaluru-based firm Ashirvad Pipes bought a property in the area for around Rs 55,000 per sq ft, local brokers said.

“Buyers are willing to pay high prices for only large-sized plots located on this billionaire street because supply is limited,” a local broker said.

There are a total of 40 plots in the area which was developed almost 25 years ago, they said.

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.

The co-founder of online grocery company Bigbasket, Abhinay Choudhari, recently has bought a 9,716 sq ft plot in Epsilon, a prime location in Bengaluru, for Rs 12.25 crore amid the second wave of COVID-19, registration data accessed by Zapkey.com showed.

The plot is located in a gated community called Yemlur Home Owners Association on Yemlur Main Road, Bengaluru, which is off the Old Airport Road. The deal was registered on June 15, 2021.

Anesh Shetty, the son of Narayana Health Chairman Dr Devi Prasad Shetty, had bought an independent house worth Rs 18.57 crore in Koramangala in January, documents made available by Zapkey.com have revealed.

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.

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Some of the other high profile deals in Koramangala in the last couple of years as per documents accessed by Zapkey.com include Nandan 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.

Also Read: Realtor buys apartment worth Rs 90 crore near Bandra Kurla Complex in Mumbai

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 of Bengaluru-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.