Shruti R Pai, the spouse of Ranjan Pai, Chairman of Manipal Education and Medical Group, has acquired a luxury residential apartment in the prestigious Jayamahal Extension of Bengaluru for Rs 64 crore, as per property registration information obtained from Zapkey. The deal was finalized with Savyasachi Projects, represented by Parag S. Maniar and H. Vijayanath Hegde.
This property is situated within the exclusive Savyasachi Sarayu project, a luxury residential tower that features a limited number of high-end units. The apartment occupies the 13th and 14th floors and boasts a super built-up area of 12,800 sq ft, alongside a carpet area of 9,929 sq ft. At a price of Rs 64 crore, the transaction equates to Rs 64,457 per sq ft based on carpet area — a benchmark rate for residential deals in this micro-market, indicating a growing demand for ultra-luxury residences in Bengaluru’s affluent neighborhoods.
Additionally, the property includes four covered car parks and a lumber room in the basement, among other amenities, as detailed in the sales deed document. “This acquisition illustrates a rising trend in Bangalore’s high-value property market.
Historically, the segment above Rs 50 crore was primarily characterized by bungalows; however, we are now witnessing a significant increase in luxury apartment transactions at this price point. This segment is expected to grow as more developers respond to the demand for premium, amenity-rich gated living,” stated Sandeep Reddy, Co-founder of Propstack.
Jayamahal Extension, situated near the Bangalore Palace and close to the Central Business District, has experienced a limited yet notable number of high-value real estate transactions in recent years, primarily fueled by interest from legacy families, high-net-worth individuals (HNIs), and industrialists.
This activity is part of a larger trend where affluent promoters and business families are investing in prestigious residential properties in Bengaluru, which has recently witnessed a surge in luxury real estate transactions.
Earlier this year, Nithin Kamath, the co-founder of Zerodha, reportedly acquired an expansive bungalow in the Koramangala 3rd Block area for over Rs 70 crore, while Binny Bansal, co-founder of Flipkart, invested in a premium residential plot in Sadashivanagar for more than Rs 55 crore. Another noteworthy transaction involved the family of Infosys co-founder Kris Gopalakrishnan purchasing a luxury villa in the Palm Meadows enclave of Whitefield for around Rs 35 crore.
Analysts indicate that the limited availability of properties in prime neighborhoods such as Jayamahal, Sadashivanagar, and Richmond Town is contributing to a surge in prices for high-end real estate. “These are not speculative purchases — families are acquiring them for personal use, legacy, or as lifestyle investments.
The scarcity of high-quality inventory is driving per square foot prices to unprecedented levels,” stated a senior executive at a luxury real estate advisory firm. Experts suggest that as demand continues to grow, industry insiders anticipate a sustained increase in significant residential sales within the Rs 40–Rs 75 crore range, propelled by non-resident Indian (NRI) investors, family offices, and promoter groups reinvesting wealth into Indian assets.
According to the latest Knight Frank Wealth Report 2025, the number of ultra-high-net-worth individuals (UHNIs) in India, defined as those with a net worth exceeding $30 million, increased by 12.4% in 2024, surpassing the global average. Bangalore alone is home to over 250 UHNIs, a figure projected to exceed 320 by 2027.
The same report notes that India welcomed 1,200 new millionaires each week in 2024, many of whom are technology entrepreneurs, second-generation business families, and global professionals returning to the country.
