Pre-sale residential property rate touches record Rs 30,000 a sq ft at Bengaluru's Sadashiv Nagar

BENGALURU: Pre-sale residential property prices in Bengaluru have touched a new high, amid growing demand for high-end luxury projects. Industry experts say pre-sale rates have hit .

Rs 30,000 per sq ft at an upcoming residential project in the upscale Sadashiv Nagar, which is being developed by Vista Spaces. According to them, this is the highest residential presales capital value in the city's history.

The project, named ‘The 450 RMV’, offers 11 units in a 12-storeyed residential building overlooking the Sankey Lake. The apartments are being sold only by invitation. Each apartment will cost Rs 9.5 crore.

“There is a huge demand for ultra-high end luxury projects. Our strategy is to construct limited number of units in central business districts. We sold 40% of the units before launch without any brochure,” said Praveen Kumar, managing partner at Vista Spaces.

The entry level price in Sadashiv Nagar is Rs 16,000 per sq ft.

“This is by far the highest pre-sales value garnered by a residential project in Bengaluru. There is a very strong demand for plots, but unfortunately (there is) absolutely no supply. So, the next best alternative for any buyer is to look at an ultra-luxury project around 18,000 per sq ft,” said B M Pounach, MD, transactions, Ziplify Realty.

However, even at Rs 30,000 per sq ft, Bengaluru’s property rate is still way below that of Mumbai and the Delhi-NCR market. In what has been touted as one of the most expensive apartment transactions in recent times, Infosys co-founder Nandan Nilekani purchased a sea-facing apartment in the marquee Samudra Mahal building at Worli in South Mumbai for Rs 22.5 crore or Rs 1.29 lakh per sq ft. Kumar, a former investment banker with PwC, floated Vista Spaces over four years ago.The company has five ultra high-end projects in Sadashiv Nagar ranging from 17,500 per sq ft to 25,000 sq ft, totaling 35 units under construction.

“The buyers are rich businessmen, either first or second generation, who have lived in Bengaluru all their lives in traditional locations. Most luxury projects offer fullfledged facility management and concierge services,“ Pounacha said.

Other ultra high-end projects in Bengaluru include Prestige Kingfisher Towers, which is reaching its stage of completion. Launched at the sub-. Rs 20,000 sq ft level three years ago, apartments in the project currently sell at Rs 33,000 per sq ft.