Bengaluru’s 'Billionaire Street' sets record: Koramangala 3rd block sees highest property price

By Vinaykumar Patil | First Published Nov 15, 2024, 1:30 PM IST

Koramangala 3rd Block in Bengaluru, known as "Billionaire Street," houses the city’s elite, including top executives and political leaders. With record-breaking property deals, luxury architecture, and proximity to IT hubs, it’s a symbol of status and exclusivity amid rising property prices.

Koramangala 3rd Block in southeast Bengaluru has earned the nickname "Billionaire Street" for being home to some of the city’s wealthiest and most influential residents. From startup founders to C-suite executives, political leaders, and real estate developers, this neighbourhood has become the epitome of luxury living.

Known for recording Bengaluru’s most expensive property deals, Koramangala 3rd Block recently witnessed a major transaction. Earlier this year, Ajit Isaac, the Managing Director of Eka Ques Corp, bought a 10,000 sq. ft. plot for a whopping Rs 67.5 crore. In another significant deal, TVS Motors purchased 9,488 sq. ft. of land in the area for Rs 68,597 per sq. ft., marking one of the highest property rates in Bengaluru.

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According to data from Housing.com, the average property price in this upscale area increased by 9.5% in the third quarter of 2024, reaching Rs 35,000 per sq. ft., compared to Rs 32,000 during the same period last year. Among Koramangala’s six blocks, the 3rd Block stands out for its larger plot sizes, with each bungalow spread over at least 4,000 sq. ft., making it a preferred destination for billionaires.

Why Koramangala 3rd block stands out

The area offers excellent connectivity to Bengaluru's major IT hubs, including Bannerghatta Road (6 km), Bellandur (7 km), Sarjapur-Marathahalli (6.5 km), and Electronic City (13 km). In addition to its proximity to workplaces, Koramangala is surrounded by top-notch civic amenities, educational institutions, malls, and healthcare facilities, making it one of the most desirable residential and commercial areas in the city.

Koramangala 3rd Block is home to many high-profile individuals, including Flipkart co-founder Sachin Bansal, Infosys co-founders Nandan Nilekani and Chris Gopalakrishnan, Narayana Health founder Dr Devi Shetty, and politician Rajeev Chandrasekhar. This eclectic mix of successful personalities has added to the area's reputation as a billionaire enclave.

The neighbourhood showcases a variety of architectural styles, from traditional villas to modern luxury homes. Many houses here are designed by globally renowned architects and feature large gates, private gardens, swimming pools, gyms, underground parking, and eco-friendly measures like solar power and rainwater harvesting.

Owning property in Koramangala 3rd Block is not just about luxury but also about status. It symbolizes financial success, social prestige, and a life of exclusivity, making it a coveted address for Bengaluru's elite.

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Bengaluru’s booming real estate

The property market in Bengaluru has seen significant growth. A Knight Frank report highlighted a 10% year-on-year increase in housing prices during the July-September quarter of 2024. In Koramangala specifically, average property prices jumped by 43%, from Rs 13,355 per sq. ft. in 2023 to Rs 19,149 per sq. ft. between January and September 2024, according to Square Yards.

The rental market has also surged, with average monthly rents rising from Rs 49,500 - Rs 90,000 in 2023 to Rs 48,000 - Rs 1,34,400 in 2024.

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