Indiranagar, one of the costliest places in the city for residential properties, has recorded one of the highest capital values for a commercial real estate transaction.A 15,000-sqft land parcel has been sold for about Rs 42 crore to city-based property developer Avant Garde Estates, people familiar with the matter said. This translates to about Rs 28,300 per sqft.
In 2017, BP Kumar Babu of Cornerstone Group acquired a 10,000 sqft plot opposite UB City for Rs 45 crore, translating to Rs 45,000 per sqft. City centre properties are generally higher priced than those beyond it.
Avant Garde has been mainly into luxury residences. It has two such projects in Koramangala and Indiranagar. Its only commercial project to date is on 100 feet road in Indiranagar, and has Wildcraft as the client.
Sadhwani Real Estate Holdings brokered the latest deal. Avant Garde managing director Anirudh Gupta confirmed the deal, but declined to comment on the value. Gupta is expected to build an office space that will be leased to a co-working company.