Manipal Group's promoter family buys Rs 64 cr ultra-luxury apartment in Bengaluru's Jayamahal Extension

Time of India

22-07-2025

Shruti R Pai, wife of
Manipal Education and
Medical Group Chairman Ranjan Pai, has purchased a luxury residential apartment in
Bengaluru
's upscale Jayamahal Extension for Rs 64 crore, according to property registration data sourced from Zapkey.
The transaction was executed with Savyasachi Projects, represented by Parag S. Maniar and H. Vijayanath Hegde. The property is located in the exclusive Savyasachi Sarayu project, a luxury residential tower comprising limited high-end units. The apartment spans the 13th and 14th floors and has a super built-up area of 12,800 sq ft, with a carpet area of 9,929 sq ft.
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At Rs 64 crore, the deal works out to Rs 64,457 per sq ft on carpet area — a benchmark rate for residential transactions in this micro-market, signaling the rising appetite for ultra-luxury residences in Bengaluru's old-money neighbourhoods. The property also includes four covered car parks, a lumber room in the basement amongst other amenities, mentioned the sales deed document.
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'This purchase reflects a growing trend in Bangalore's high-value property market. Previously, the Rs 50 crore-plus segment was dominated by bungalows, but we are now observing a clear rise in luxury apartment transactions at this level. This segment will likely expand as more developers cater to the demand for premium, amenity-rich gated living,' said Sandeep Reddy Co-founder of Propstack.
Jayamahal Extension, located near the Bangalore Palace and in close proximity to the CBD, has seen limited but significant high-value real estate deals in recent years, driven by demand from legacy families, HNIs, and industrialists. This transaction is part of a broader trend of wealthy promoters and business families investing in marquee residential properties in Bengaluru, which has recently seen a spurt in luxury real estate activity.
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Earlier this year,
Nithin Kamath
, co-founder of
Zerodha
, reportedly picked up a sprawling bungalow in the Koramangala 3rd Block area for over Rs 70 crore, while Binny Bansal, Flipkart's co-founder, invested in a high-value residential plot in
Sadashivanagar
for over Rs 55 crore. Another significant deal included the family of
Infosys
co-founder Kris Gopalakrishnan purchasing a luxury villa in Whitefield's Palm Meadows enclave for approximately Rs 35 crore.
According to analysts, limited inventory in prime neighbourhoods such as Jayamahal, Sadashivanagar, and Richmond Town is driving a price surge for premium properties. 'These are not speculative buys — families are acquiring them for self-use, legacy, or as lifestyle investments. The lack of high-quality inventory is pushing per square foot rates to record highs,' said a senior executive at a luxury real estate advisory firm.
Experts say that demand intensifies, industry insiders expect a continued rise in big-ticket residential sales in the Rs 40–Rs 75 crore band, driven by
NRI
investors, family offices, and promoter groups reshoring wealth back into Indian assets.
According to the latest
Knight Frank Wealth Report
2025, the number of UHNIs (net worth above $30 million) in India grew by 12.4% in 2024, outpacing the global average. Bangalore alone is home to over 250 UHNIs, a number expected to cross 320 by 2027. The same report highlights that India added 1,200 new millionaires every week in 2024, many of whom are technology entrepreneurs, second-generation business families, and global professionals returning to India.