Bengaluru has been a real estate hot-bed for quite a few years with the city growing exponentially and high-profile people investing in properties in the Silicon City of India.
And in a recent record-setting deal The Embassy Group has sold an apartment for Rs 50 crore to Ajit Prabhu, chairman and chief executive of engineering outsourcing company Quest Global, reported the Times of India.
This is the biggest residential deal in Bengaluru.
Prabhu has bought the 16,000-sqft apartment in Embassy One, near Hebbal, which houses a 230-room Four Seasons luxury hotel, 110 Four Seasons-branded residences, 150,000 sqft of office space and 60,000 sqft of retail space. The per-sqft rate for the apartment works out to about Rs 31,000.
This deal beats Flipkart co-founder and CEO Binny Bansal’s purchase of a 10,000-sq-ft property in Koramangala worth Rs 32 crore with Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan along with Dr Devi Shetty and Rajeev Chandrasekhar among his neighbours.
Ajit Prabhu will own the yet-to-be customized apartment on the top of the South Tower, and it's the 30th floor. The first 21 floors will be dedicated to the Four Seasons hotel, and the rest will be serviced residences.
"Sales like this bring a great sense of confidence in the market," Reeza Sebastian, head of Embassy residential marketing and sales, told TOI. Bollywood actress deepika Padukone too has invested in these branded residences.
Sebastian said the company has sold about 52% of the apartments. The residences will have concierge services, 24 hour valet parking, and residents will enjoy the hotel's paid services such as room service, limousines and apartment-cleaning.
The 1-million-sqft project, previously called City View, was originally owned by Goldman Sachs (73%) and Dayanand Pai's Century Real Estate Holdings (26%). The investment bank entered into a conditional agreement to sell it to RMZ a few years ago, but failed following opposition from its minority shareholder.
Embassy, led by its flamboyant billionaire promoter Jitu Virwani, stepped in and bought the entire project for Rs 605 crore.
Prabhu has made 75% of the payment and is expected to move in once the apartment is ready by the middle of 2018.