Sunday, July 14, 2024

TVS buys 5,023 sq ft bungalow in Bengaluru

TVS Motor Co has purchased a 5,023 sq ft bungalow in Bengaluru’s Koramangala locality for Rs 20.93 crore, the company’s third large-ticket acquisition in three months.

The property, with ground plus two structures, was purchased from Bengaluru residents PS Sanjeev and Anitha Sanjeev, according to sales documents shared by real estate intelligence platform Zapkey.

TVS Motor was represented by its vice president-legal R Murali.

Earlier this year, TVS Motor bought a residential property in Bengaluru for ₹65 crore, marking the most expensive residential property deal in the city.

In December 2022, TVS Capital Fund chairman Gopal Srinivasan had bought a residential property in Bengaluru’s Rest House Crescent Road for around ₹15 crore, in another significant property transaction in the southern city. This property is spread over 6,000 sq ft with 2,600 sq ft of built-up area.

Koramangala has become a coveted neighbourhood with high-net-worth individuals looking for marque deals here.

The locality has seen a slew of big-ticket residential and land deals in recent times, with Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan to Quess Corp executive chairman Ajit Isaac buying large properties here.

Industry reports suggest that luxury sales account for 10-15% of overall residential sales and are growing rapidly despite market fluctuations.

It is one of the fastest-growing segments of the real estate sector, with homeowners and high networth individuals (HNIs) looking at investing in premium properties that offer them the quality of living and a high-value asset.

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