A property located in the neighborhood of upscale Indiranagar has sold for Rs. 47.5 crore in Bengaluru. This property transaction turns the most expensive residential real estate in Bengaluru this year.
As per the agreement of the sale accounted by the data analytical platform Zapkey that includes an 8,000 sq.ft plot with a 2,500 sq.ft built-up area was obtained by Himadri Tanaya Lenka & Shrinibash Sahoo, the founder of the Lyfe Hotel in Odisha. The property transaction was finalized on the month of July 25.
Situated end to end in line to the bustling 100 feet road, the property is located in Defence Colony, the most exclusive and expensive residential areas in Bengaluru. This locality is well-known for housing of industry veterans and housing for former military officials.
Regardless the Indiranagar is witnessing a commercial boom, the defense colony has upheld its residential characteristics, al thanks to the rulings of court and severe civic policies.
Even the property sale is officially registered as a residential deal transaction, brokers in local recommends that the property may eventually be transformed for commercial utility due to the potential opportunities across the 100 feet road. The locality has witnessed a substantial development in commercial segment, since the mid-2010s by gaining attraction from significant startups and brands.
A key realtor at Hanu reddy Realty, Kiran Kumar stated that the prices of residential properties in premium areas of Indiranagar have surged 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 added.
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