Bangalore is emerging as one of India’s major epicenters for global luxury. The record sale of a $4 million apartment in Prestige Kingfisher Towers — the most premium residential development in Bangalore City, set in a prime location on Vittal Mallya Rd, Central Bangalore — is the latest evidence. The sale, completed by Sampath Kumar of Coldwell Banker India who works under the mentorship of franchise partner Balaji Badrinath, “is the highest transaction value to date for the Coldwell Banker India network and ranks amongst the highest residential transactions to date in the city of Bangalore,” noted Badrinath.
Spread across 4.1 acres of land and 33 stories, Prestige Kingfisher Towers overlooks the magnificent UB City, Cubbon Park and offers breathtaking views of the city. Each residence at Prestige Kingfisher Towers has its own lift lobby, service lift area and an exclusive access to tower amenities that include a club house, swimming pool, badminton court, gymnasium and lush landscape garden. The particular unit sold by Kumar featured four bedrooms and five baths in approximately 8,321 square feet. It also came fully furnished with five car parks — everything a modern-day luxury buyer could want in a property experience.
“Currently, there are very few residential apartments in Bangalore that are valued close to $4 million,” he added. “I can say there are only four or five apartments or projects as we speak. Considering the fiercely fought real estate market in this city for reaching million dollar buyers, it is a remarkable sale.”
According to Badrinath, Bangalore’s market is presently buyer dominated, making this caliber of sale very rare. The India real estate investment advisory, Square Yards, reported that over 20 % of NRI investment in Indian real estate comes from the UAE. Since the buyer of the Prestige Kingfisher Towers apartment was reportedly a Dubai-based businessman and equity investor, Badrinath says that “it only reinforces that the buyers outside this market believe in the city’s growth development story and it only gives us, and all of the stakeholders a huge vote of confidence. It is a shot in the arm.”
Badrinath partly attributes his group’s success to the investment of team members like Kumar, who have made training and developing their selling skills a top priority. Kumar paid a visit to the #GenBlue conference in Las Vegas last year, and considers it a pivotal point in his decision to start focusing on luxury sales. “We are super excited that he is part of our network and we look forward to many more such deals,” concluded Badrinath.