- April 18, 2024
Bengaluru’s ‘costliest ever’ real estate deal? Quess Corp MD Ajit Isaac buys plot on ‘Billionaire Street’ for Rs 67.5 crore | India Business News – Times of India
Bengaluru’s ‘costliest ever’ real estate deal? Ajit Isaac, the managing director of Quess Corp., recently made headlines with the purchase of a 10,000 square foot plot in Bengaluru’s Koramangala area. The plot, located on the ‘Billionaire Street’ of Koramangala’s third block, was acquired for Rs 67.5 crore, making it the most expensive real estate deal ever recorded in Bengaluru, stated an ET report.
This transaction, sealed at a rate of Rs 70,300 per square foot, has set a new standard in the region’s property market.People familiar with the matter stated that the deal was finalised last week, with the property previously owned by Arvind Reddy and Geeta Reddy. The most recent transaction in this area was conducted by TVS Motor at approximately Rs 68,000 per sq. ft.
While the specifics of Isaac’s intentions with the property remain unknown, it’s speculated whether it will serve as an investment or undergo redevelopment for personal use. Neither the deal advisor, Colliers, nor Isaac himself were available for comment.
Isaac’s role in steering Quess Corp. to its current position as India’s leading business services provider has been pivotal. Since its establishment in 2007, the company, headquartered in Bengaluru, has expanded its footprint to 644 locations across India, Southeast Asia, and North America.
ALSO READ | Tata Motors to manufacture Jaguar Land Rover cars at new $1 billion plant in India: Report
Koramangala, a southern suburb of Bengaluru, has become a bustling hub for entrepreneurship. Its prime location and close proximity to the city’s business centres have made it a desirable neighbourhood for both startups and self-made billionaires.
Koramangala’s third block has earned a reputation as an exclusive enclave, home to a notable lineup of successful entrepreneurs. Among them is Sachin Bansal, co-founder of Flipkart, who purchased a luxurious property worth ₹45 crore in the area in 2019.
With his recent property acquisition, Isaac will join the ranks of notable neighbours such as Nandan Nilekani and Kris Gopalakrishnan, co-founders of Infosys, along with renowned cardiac surgeon Dr. Devi Shetty and well-known entrepreneur and politician Rajeev Chandrasekhar.
India’s luxury real estate market is experiencing a significant uptick in sales of high-end residential properties priced at a minimum of Rs 50 crore. Industry estimates indicate that total sales for such luxurious properties surged to Rs 4,319 crore in 2023, marking a notable 51% increase from Rs 2,859 crore in 2022.
Mumbai, Delhi-NCR, and Bengaluru are at the forefront of this sales boom, witnessing robust demand for high-end properties.
This transaction, sealed at a rate of Rs 70,300 per square foot, has set a new standard in the region’s property market.People familiar with the matter stated that the deal was finalised last week, with the property previously owned by Arvind Reddy and Geeta Reddy. The most recent transaction in this area was conducted by TVS Motor at approximately Rs 68,000 per sq. ft.
While the specifics of Isaac’s intentions with the property remain unknown, it’s speculated whether it will serve as an investment or undergo redevelopment for personal use. Neither the deal advisor, Colliers, nor Isaac himself were available for comment.
Isaac’s role in steering Quess Corp. to its current position as India’s leading business services provider has been pivotal. Since its establishment in 2007, the company, headquartered in Bengaluru, has expanded its footprint to 644 locations across India, Southeast Asia, and North America.
ALSO READ | Tata Motors to manufacture Jaguar Land Rover cars at new $1 billion plant in India: Report
Koramangala, a southern suburb of Bengaluru, has become a bustling hub for entrepreneurship. Its prime location and close proximity to the city’s business centres have made it a desirable neighbourhood for both startups and self-made billionaires.
Koramangala’s third block has earned a reputation as an exclusive enclave, home to a notable lineup of successful entrepreneurs. Among them is Sachin Bansal, co-founder of Flipkart, who purchased a luxurious property worth ₹45 crore in the area in 2019.
With his recent property acquisition, Isaac will join the ranks of notable neighbours such as Nandan Nilekani and Kris Gopalakrishnan, co-founders of Infosys, along with renowned cardiac surgeon Dr. Devi Shetty and well-known entrepreneur and politician Rajeev Chandrasekhar.
India’s luxury real estate market is experiencing a significant uptick in sales of high-end residential properties priced at a minimum of Rs 50 crore. Industry estimates indicate that total sales for such luxurious properties surged to Rs 4,319 crore in 2023, marking a notable 51% increase from Rs 2,859 crore in 2022.
Mumbai, Delhi-NCR, and Bengaluru are at the forefront of this sales boom, witnessing robust demand for high-end properties.
