Mallya to build luxury flats costing Rs. 20 crore; may get good sales due to cheap home loans

By News Desk | May 7, 2010

Vijay Mallya is unveiling a plan to build Rs 1,500 crore-luxury residential homes in the center of Bangalore, on Vittal Mallya Road, in a tie-up with Prestige Estates. This may the costliest residential project to be build in Bangalore’s real estate history , since the asking rate per sq ft is estimated to be a stunning Rs 33,000. Mallya intends to build 75 flats over 5-lakh sq ft. He expects to get good sales due to availability of cheap home loans.

Mallya is demolishing his ancestral home covering about 4 acres of land and is located next to the UB City to build a 31-storey high-rise super luxury residential building expected to be known as ‘Residences at UB City’ . It is learnt that the project will have 75 super luxury flats of 6,000 sqft to 7,000 sqft in size costing anywhere from Rs 15 crore to Rs 20 crore per flat.

Also as a portion of the project, Mallya is constructing a 70,000 sqft to 80,000-sqft penthouse for himself , which will be his sole home in Bangalore offering a bird’s eye view of Cubbon Park, MG Road, Vidhana Soudha, and the complete central business of the city.

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