Demand comes in at Rs 16,000-17,000 per sq ft
This is a true representation that there is a palpable demand for super-luxury apartments in Bangalore. In a development underlining this significance, Prestige Estates & Projects, which is developing Kingfisher Towers in association with UB Group on Vittal Mallya Road, is understood to be making headway in pegging the price of the flats around Rs 16,000-17,000 per square feet, even before the ground work is ready for the project. Each flat will be spread over 6,000-7,000 square feet and at this price per square foot, it will cost around Rs 12 crore.
According to realty industry sources, Prestige Estates holds a 45 per cent interest in this Rs 1,300 crore project with over thirty floors housing 75 flats, with saleable area of around 700,000 square feet. Analysts indicate that Prestige has managed to come to an agreement with a section of the broker community for 60 per cent of its share at Rs 16,000-17,000 per square foot. Prestige, it is understood, will also have a share of the profit if the broker community manages to sell the flats at a higher price to the end-user. Prestige Estate officials could not be reached for comments.
Billed as the costliest residential property development in the history of Bangalore real estate, Kingfisher Towers will be come up on four acres of the land where the palatial bungalow owned by Vijay Mallya stands. Industry sources indicate that the bungalow will be razed within the next few months to make way for construction of the new property.
According to data from the UB Group, the residential tower will be as tall as UB Towers with two basem-ents, rooftop helipad and four floors dedicated to park over 500 cars. The building will encompass three vertical blocks raising from a wide base providing a raised setting for the apartments — which will have regular facilities like clubhouse, swimming pools, badminton court, party lawns and terrace gardens.
Industry sources further indicate that the developers — UB Group and Prestige Estates — initially planned to sell the apartments at Rs 25,000 per square foot, but have scaled down to an extent to get the project rolling. The project is expected to be ready in just under three years.
