Developer sells residential unit for Rs 50 crore in Bengaluru

Moneycontrol News

Luxury living has a new price tag in Bengaluru, with a leading developer closing the sale of one of its iconic branded private residences, at its flagship luxury Integrated development – Embassy One for Rs 50 crore, company sources said.

The 30th-floor single level unit of the new Four Seasons Private Residences at Embassy One has been sold for this amount, the highest price ever fetched for a branded residence in South India. The buyer who spends a considerable amount of time overseas has chosen to remain anonymous and Embassy Group, as part of their buyer’s confidentiality privacy policy, would not be disclosing the name.

Located at the gateway to North Bengaluru, the sale of this spectacular 16,000 sq ft 30th-floor residence is now on par with prices in the ultra-luxury market segments in Mumbai and NCR. Bengaluru is among the top three cities to have witnessed unprecedented growth in demand for ultra-luxury homes in the last two years.

As per a JLL report, the year-on-year growth of ultra-luxury homes in the city is at an all-time high and the estimated total value of ultra-luxury housing projects in various stages of construction in Bengaluru are valued at Rs 6,000 crore.

Developed by Embassy Group, Embassy One houses lifestyle residences. India’s first Four Seasons Private Residences in Bengaluru, are a part of this marquee destination.

“We are elated to have sold Bengaluru’s most expensive residential property. Luxury homeowners are more specific about the legacy of brands, quality of construction, the promise of delivery and re-assurance of continued impeccable levels of service. The Embassy Group, Four Seasons Hotels and Resorts and Blackstone being leaders in their own spaces, have recognized these aspirations of residential homebuyers and partnered to create this coalescence of 109 iconic homes that are among the most desirable in the city. Embassy ONE is the emergence of an elevated, integrated lifestyle,” says Reeza Sebastian, Senior Vice President, Residential Business, Embassy Group.