Quess Corp Director signs costliest ever property deal in Bengaluru

The managing director of Quess Corp, Ajit Isaac has secured the biggest ever property deal in Bangalore by purchasing a vast land of 10,000 square feet plot in Koramangala 3rd block. The area was popular by the name of Billionaire Street. According to the report of renowned media Economic Times, he locked the deal in Rs. 67.5 crore. 

This purchasing deal will definitely set a new benchmark in the property market of Bangalore with a price of Rs. 70,300 per square foot, and surpassed all the previous property deals. 

According to the report of EconomicTimes, the deal was confirmed after the completion of the transaction last week. Previously the owners of the property were Arvind Reddy and Geeta Reddy. Reportedly, the last deal in that area was concluded by TVS Motor which was worth approximately Rs. 68,000 per sqft.

Whether the acquisition deal is for investment purposes or to be redeveloped for personal use, is still undisclosed. The property is located in the southern suburb of Koramangala, and holds an exorbitant value due to its prime location. The property is situated in the close proximity to Bangalore's business hubs. Koramangala has also emerged as an entrepreneurial hub, attracting startups and self-made billionaires alike.

Specially, the third block of Koramangala has gained popularity as an exclusive enclave, because of few of notable business tycoons such as Flipkart co-founder Sachin Bansal, Nandan Nilekani, Kris Gopalakrishnan, Dr Devi Shetty, and Rajeev Chandrasekhar.

Amidst a notable upswing in the opulent real estate sector in India, MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, have recently made substantial investments. Each of them has independently acquired 6,500 square feet apartments at The Magnolias by DLF on Golf Course Road in Gurgaon, with an approximate investment of Rs.33crore each. This acquisition took place towards the end of 2023. 

Mumbai, Delhi-NCR, and Bengaluru have emerged as significant contributors to this upsurge, showcasing an increasing desire for luxurious properties in these metropolitan cities.