Bangalore Records Highest Residential Value: 33k/sq Ft

Bangalore: Tech capital Bangalore has recently entered in the elite list of India’s costliest city. Besides the economical growth, the city is also flourishing in its real estate market. The residential real estate sector has made a new record with 33, 000 per square feet for an apartment sale at Kingfisher Towers. This Kingfisher Towers is an upcoming ultra luxury residential project coming on Vittal Mallya Road. It is believed that, the apartment sale in this price bracket is recorded as highest till date in the city.

According to Farook Mahmood, CMD of brokerage firm Silverline Realty, “Kingfisher Towers is a one-of-a-kind project whose amenities, specs, infrastructure and location - overlooking Cubbon Park - cannot be recreated or compared with any other residential project in India. Just for its sheer location and view, the only comparison can be made with apartments overlooking Central Park in New York," reports TOI.

Kingfisher Towers is a 34-storied residential project. The project is a joint venture between the UB Group and the Prestige Group. Sources revealed to TOI that, the 8,200 square feet apartment which was sold within the above mentioned price bracket, is one of the few remaining apartment on the highest floors in Kingfisher Towers. Adding to it, the apartment will cost nearly 27 crore which overlooks Cubbon Park.

People who observe the real estate market believe that with an apartment price of 33,000 per square feet, Bangalore is all set to experience a new age in luxury residential sector.

The concept of super luxury projects first came up in the city, in 2004 with the launch of Mantri’s Altius an up-market residential project. This 6000 square feet apartment was sold in a price bracket of 5 crore at that time and the price reached upto 9 crore after the project was completed in 2006.

On this context, Gulam Zia, national director, research & advisory services, of global property consultants Knight Frank stated that "While 33, 000 per sqft shows the coming of age of Bangalore's luxury residential market; it's still way behind the average price of Rs 70,000 per sqft that's quoted at many luxury residential developments in Mumbai,"