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Esencia Partners, a firm associated with Manipal Group Chairman Ranjan Pai, has acquired a 25,824 sq. ft. bungalow on Lavelle Road in central Bengaluru for INR 165.66 crore, setting a new record for the city's luxury residential market. This transaction, amounting to approximately INR 64,166 per sq. ft., reflects a significant shift in Bengaluru's high-end property sector, with deals in the INR 40-60 crore range becoming more common. The city's luxury market is experiencing increased investor confidence, evident from the doubling of high-value transactions compared to the previous year.
Esencia Partners, a firm associated with Ranjan Pai, Chairman of the Manipal Group, purchased a prime bungalow located at 50 Lavelle Road in central Bengaluru. The 25,824 sq. ft. property was acquired from Australian national Mira Angeline Cummins for INR 165.66 crore, translating to an unprecedented INR 64,166 per sq. ft. Advertisement
This acquisition marks the most expensive residential deal in central Bengaluru, both in total value and per square foot, highlighting the city's burgeoning ultra-luxury real estate market. The transaction reflects a broader trend where properties in the INR 40-60 crore range are becoming increasingly common, signaling a shift from the historically prevalent INR 30-40 crore deals.
According to data from Zapkey, a Bengaluru-based real estate analytics firm, the city witnessed eight luxury residential transactions totaling INR 415 crore between January and October 2025. This represents more than double the volume from the same period in 2024, which saw four deals amounting to INR 175 crore.
Notably, the property previously housed 'Sunny's,' a well-known restaurant, which adds a layer of heritage and charm to the location. This aspect likely contributed to its appeal among affluent buyers seeking a blend of tradition and modern luxury.
The escalating prices and transaction volumes in Bengaluru's luxury real estate sector suggest a maturation of the market, positioning the city as a formidable player in the national luxury housing landscape, alongside Mumbai and Delhi.
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