Bangalore Kingfisher Towers to be the Highest Residential Capital Value.
The real estate trend of the Silicon City of India has been witnessing a drastic increase in the property prices. The real estate prices have touched the peak by about Rs. 33,000 per sqft. This property price was said to have been tagged to the upcoming apartment at the Kingfisher Towers also known as the ‘White House of Bangalore’. The impending Kingfisher project is an ultra- high end residential project which is being established on the Vittal Mallya Road. This project is quoted to have the highest residential capital value in the city’s history.
There are arrays of super luxury homes which are attracting the wealthy. The Kingfisher Towers which has 34 storeys is established with a joint venture between the UB Group and the Prestige Group. The apartment is 8200 sqft and will cost about Rs. 27 Crore. It was also disclosed that this apartment has one of the highest floors with beautiful views including the Cubbon Park.
The Kingfisher Tower is a four bedroom unit and is named after the India’s best selling beer owned by the proprietor. The sale of the apartment has already started for more than Rs.20, 000 sqft. As it is a joint venture between the Prestige group and the UB group, the proprietor of the Prestige group has disclosed some of the features of the project. The Kingfisher tower will comprise of 72 apartments with 60,000 sqft on the ground and plus a floor on the other level.
Mallya shares a 55% stake with the Kingfisher Towers with the rest being held by the Prestige Group. The project is expected to be ready within a year or so. The apartments are residences at the UB City. This news broke out in the year 2008 and created a furore amongst real estate sectors as Mallya will be the only person in the city to flaunt a 1 acre plot of land situated in the sky rather than on the ground. Mallya’s apartment will also consist of a penthouse on top of the Kingfisher tower.
The 82 apartments in the tower are split into 3 blocks out of which only 72 apartments are for sale. Mallya will hold of about 30 apartments and the rest will be held by Prestige group followed by the share of Mallya’s family among the other 10 apartments. The apartments will have five entry points of which only two will be used initially. Mallya has a separate entry to his apartment similar to that of his old house.
Talking about the luxury homes, business tycoons like Ashok Kheni has booked an 8000-sqft apartment of the Kingfisher Towers, of which the price is yet to be disclosed. Overall, the property rates in Bangalore have touched the skies and are prone to be occupied by the rich personalities.
Kingfisher Towers was said to be the only unique towers which can have the view of the Cubbon Park and also rare facilities comprising of its location, amenities, infrastructure and more. No other projects can have the similarities to that of Kingfisher Towers for its location and view and can be compared with projects in New York.
Comparatively, although the property rates in Bangalore are high, they’re still less when compared to Mumbai. Real estate dealers have quoted that the property prices have increased of about Rs. 33,000 per sqft which comprises of the Bangalore’s luxury markets. While this increased property price in Bangalore is quite surprising, it is still way behind when compared to the Mumbai property prices. The luxury property rates in Mumbai have increased up to Rs. 70,000 per sqft.
Bangalore’s first luxurious residential project was the Altius by Mantri. The apartment was established in 2004 and was quoted as Rs. 5 crore, 6000-sqft for sale. But after the completion of the project in 2006, the prices shooted up to Rs. 10-23 crore. Apart from the Mantri group, the Total environment’s newly launched project offers 17 customized apartments with a water body and a terrace garden. The costs of the apartment range from Rs. 10 crore-Rs.23 crore with 4,000 sqft.
Also read:
Bangalore City Real Estate Scenario
Under Construction Property Versus Ready to Move in Property
Apartment at the Kingfisher Towers, Cubbon park, customized apartments, Luxury homes, Property Prices, Real estate trend, Silicon City of India, UB Group and the Prestige Group, ultra- high end residential project, White House of Bangalore
Interestingly stuff..
These super luxury apartments will only attract the rich! What about the middle class?? Any project dedicated for them??
Well written post about Kingfisher Towers in Bangalore..