Vijay Mallya enters real estate project in Bangalore
05 May 2010
Liquor and aviation baron Vijay Mallya plans to develop 75 super luxury apartments spread over 500,000 sq ft on his ancestral bungalow plot in central Bangalore.
Vijay Mallya's Estates Projects Pvt. Ltd along with The Prestige Group, which has a 45-per cent stake in the company, plans to develop a 31-storey super luxury residential complex, with six levels of parking, multiple tennis courts and swimming pool.
Mallya will demolish his ancestral home stretching across approximately 500,000 sq ft of land and build the new super luxury residential complex.
The project is estimated to have 75 super luxury apartments of 3,000 sqft to 7,000 sq ft priced between Rs6 crore and Rs20 crore. The proposed rate per sq ft is said to be astronomically high at Rs33,000 per sq ft, is the highest in the history of Bangalore's real estate market.
The plot is situated next to the UB City, Mallya's house and UB Group building and is likely to be named as 'Residences at UB.'
It is learnt that Mallya is likely to take the top three floors of the building that would have a commanding aerial view of the Vidhana Soudh, Cubbon Park, MG Road and central business district of Bangalore.