TVS Motors has bought a bungalow in Bengaluru's Koramangala area for Rs 20.93 crore, documents accessed by Zapkey showed.
The sellers are PS Sanjeev and Anitha Sanjeev. TVS Motors was represented by its Vice President, Legal, R Murali, the sale deed signed on January 9 showed.
Sprawling over a 5,000 square feet land parcel, "the house consists of two floors, four bedrooms, a basement, and a covered garage. The flooring is made out of premium marble and teak-wood interiors," the sale deed mentioned.
TVS Motors did not respond to queries sent by Moneycontrol.
Read More: TVS Motor spends Rs 65 crore on property in Bengaluru’s ‘Billionaire Street’
While the Bengaluru residential rental market has taken a hit owing to global headwinds and layoffs, both sales and rentals in prime locations like Koramangala continue to grow.
Brokers say that the rental for a 1-BHK flat in Koramangala or Indiranagar goes up to Rs 30,000 or more. With several startups setting up shop in these areas, Koramangala and Indiranagar have become the preferred residential location of choice for the city’s young set.
Additionally, several luxury properties are also situated in Koramangala, housing quite a few high-net-worth individuals (HNIs). However, realtors say that fresh inventory is scarce in Koramangala at the moment, given the high demand.
Read More: Residential rentals in Bengaluru take a hit on job losses
In December 2022, TVS Motors bought another property in Koramangala's `Billionaire Street’ for Rs 65 crore. The street is so called due to its ultra-high net-worth residents.
In October last year, the Nilekani family trust bought a property in the same location for about Rs 59 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
