In one of the most expensive real estate deals in Bengaluru, Ajit Isaac, Chairman and managing director of Quess Corp, has bought a 10,000 square feet plot in the famed Koramangala 3rd block, for ₹67.5 crore, sources said.
The effective rate works out to ₹70,300 per square feet, higher than the last deal closed in this locality when TVS Motor Co acquired a 9488 square feet property for ₹65 crore, an effective rate of ₹68,508 per square feet.
Isaac acquired the property from Arvind Reddy and Geeta Reddy.
Colliers, the adviser to the transaction, did not comment on the deal.
While Bengaluru lags behind Mumbai in terms of real estate prices where exclusive, premium properties sell at over ₹1 lakh a square feet, Bengaluru also has some tony areas where properties are sold at fairly high prices.
Popularly called the ‘billionaire street’, Koramangala 3rd block is home to Infosys founders Nandan Nilekani and Kris Gopalkrishnan, Narayana Health founder Devi Shetty, former founders of Flipkart Sachin and Binny Bansal.