In its latest buy, and what is being reported as the most expensive real estate deal in the city, Bengaluru-based property group Cornerstone has acquired a prime plot on Vittal Mallya Road for a whopping Rs 45 crore. The deal saw the group's MD Kumar Babu shell out Rs 45,000 per square feet.
The Times of India reported that the 10,000 sq feet property was previously owned by the Philips family. The property is located on Vittal Mallya Road in the Central Business District (CBD), right opposite UB City. The property is a part of a private layout named D'Souza layout.
A resident of D’Souza layout confirmed that the sale of the plot has happened. The previous owners of the land had been attempting to sell the land for the last one year, according to him.
“But the talks would always break down because the brokers would ask for too much money. Now Cornerstone approached them directly,” said the resident who did not wish to be identified.
The whole D’Souza layout once belonged to a single family, with all of its 18 plots being distributed to family members. However, some of the plots have either been sold or rented out over the years.
TOI reports a confirmation from Chairman and Managing Director of Cornerstone group Kumar Babu, and says that the registration of the property took place two weeks ago. The land will be converted into a 35,000 sq feet corporate office.
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According to the company, they are one of the largest owners of land in Bengaluru, owning around 2,300 acres of land, worth more than Rs 10,000 Crore.
Till now, it was Flipkart co-founder and CEO Binny Bansal’s property deal in which he bought a 10,000 sq feet property for Rs 32 Crore in Koramangala, in June 2016, that was reported to be the most expensive deal.
TOI also reports: In 2013, Sobha Developers sold low-cost aviation pioneer Capt Gopinath's 16,200-sq ft home in the same vicinity to the Goenka’s of Texport Overseas, a garment manufacturing company, for Rs 55 crore, pegging the per-square-foot value at around Rs 34,000 sq ft.
(This article has been published in an arrangement with The News Minute.)
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