Ranjan Pai's firm buys prime property in Bengaluru for ₹165 crore

Bengaluru: Esencia Partners, a firm in which Manipal Hospitals head Ranjan Pai is a managing partner, has bought a property in Bengaluru's prime Lavelle Road, an upmarket residential and commercial street, for ₹165.6 crore.

The area of the site that also has a building constructed on it, is around 25,824 sq. ft. As per the registration data accessed by real estate data platform Zapkey, the property was sold by one Mira Angeline Cummins, an Australian passport holder. The sale deed was signed on 12 September.

Pai is the chairman of the Manipal Education and Medical Group, which runs businesses spread across healthcare, education and private investments.

Property deal

"This transaction on Lavelle Road is one of the most significant real estate deals in Bengaluru this year. The price, which translates to approximately ₹64,150 per square foot, underscores the immense value and scarcity of land in one of the city's most prestigious and expensive addresses," said Sandeep Reddy, co-founder, Zapkey.

“Large, independent land parcels are a rarity in central Bengaluru, making this a prized trophy asset. The purchase by a prominent business leader like Ranjan Pai further signals robust confidence from ultra-high-net-worth individuals in the long-term value of Bengaluru's luxury property market,” Reddy added.

Pai did not respond to Mint's queries.

Mint couldn't immediately reach Cummins, the seller.

“The site on Lavelle Road has an old bungalow,” said a person in the know, who didn't wish to be named.

Ultra-rich individuals in cities such as Mumbai, Delhi-National Capital Region and Bengaluru have been buying prime properties even as prices continue to swing upwards. Such transactions are both for personal use of the properties as well as for investment purposes.

In June, Shruti Pai, founder and director of Sagework Design, had bought a luxury duplex for ₹64 crore in a boutique condominium complex in Bengaluru, in one of the most expensive residential deals in the city. Before Sagework, Shruti Pai was creative director at Manipal Education and Health Group. She is married to Ranjan Pai.

The largest deal of 2024 occurred when Ajit Isaac, managing director of Quess Corp, purchased a 10,000 sq ft property in Bengaluru's "Billionaire Street" in the Koramangala locality for ₹67 crore.