Mallya, Prestige Estates join hands to build luxury apartment in Bangalore

January 15, 2010

Bangalore-based billionaire businessman Vijay Mallya, in association with Prestige Estates Projects Pvt Ltd, is developing K2, a luxury apartment block in central Bangalore.

Prestige has a 45 per cent stake in the development -- a 33-storey complex, with six levels of parking, multiple tennis courts, swimming pools, and the additional benefit of the liquor baron for a neighbor, the Mint has reported.

Mallya will take the top three floors of the building, which will have 125 flats of 3,000 sq ft and 6,000 sq ft.

According to the report, the development is already making waves in a city that remains a conservative and price-sensitive realty market where flats sell for Rs 3,000-4,000 per sq ft. In contrast, apartments in K2, which is a working name for the project and may be changed later, will sell for at least Rs 20,000 per sq ft, say property consultants. At that rate, a 3,000 sq ft apartment will cost Rs 6 crore and a 6,000 sq ft one Rs 12 crore.

Mallya and Prestige aren’t the only ones eyeing the super-luxury market in Bangalore. Dubai’s ETA Star Property Developers (P) Ltd, Skyline Constructions Ltd and Mantri Developers Pvt Ltd too have set out to build multi-crore apartments at a time when conventional wisdom in the real estate business favours budget and mid-income homes, the report added.

“The concept of K2 is to own a palace in the sky, with the lower six floors reserved for parking,” quoted Irfan Razack, promoter of Prestige Estates in the report.

“Plans are being frozen and will be submitted for mandatory sanctions. We begin construction mid-year and expect to finish by 2013,” Razack added.

Besides K2, Prestige Estates, which has filed for approval to make an initial offering of shares to the public, is building 5,000 sq ft duplex apartments, each with its own garden, on Lavelle Road, near both K2 and UB City, a high-end retail and commercial development, and plans to sell these for around Rs 7.5 crore each, it said.

Source : www.realtyplusmag.com