45-year-old Kumar Babu, heading Cornerstone Group, bought 10,000-sqft plot opposite UB City for Rs 45 crore. The land initially belonged to a certain Philips, who made the deal at Rs 45,000 per sq ft The area is considered one of the poshest places in Bengaluru, and is filled with upmarket stores and malls.
BP Kumar Babu of the Cornerstone Group has just acquired possibly the costliest real estate in Bengaluru city. The property - a 10,000-sqft plot opposite the posh UB city - was bought for Rs 45 crore. Calculated at Rs 45,000 per sqft, the deal is the biggest and the costliest in recent times. Flipkart cofounder Binny Bansal's residence buy in Koramangala last year cost Rs 32 crore.
Confirming the deal, 45-year old Kumar Babu told the media that he plans to build a corporate office on the land, whose registration was completed two weeks ago. The land earlier belonged to a certain Philips and his family.
The present plot is located in one of the poshest zones of the city, home to the upmarket UB City, JW Marriott hotel and BMW, Porsche and Harley Davidson showrooms.
Cornerstone owns 2,300 acres of land, worth more than Rs 10,000 crore, in Bengaluru. The company has also struck a massive joint development pact with Embassy Group, which is the country's leading business park developer and are together planning to build a 12-million-sqft office project in Whitefield.
Recent other such high-end transactions included Sobha Developers sale of low-cost aviation pioneer Capt Gopinath's 16,200-sqft home to the Goenkas of Texport Overseas for Rs 55 crore. This was at a per-square-foot value at around Rs 34,000 per sqft. Last year, Flipkart's Binny Bansal also bought a house in Koramangla's posh 3rd Block for Rs 32 crore.
