Inside Bengaluru’s ‘Billionaire Street’: Here’s why it’s the city’s costliest and a magnet for business titans
Koramangala 3rd Block, nicknamed ‘Billionaire Street’, is Bengaluru’s elite residential hotspot, home to startup founders, industry leaders, and C-suite executives.
Koramangala 3rd Block, known as ‘Billionaire Street,’ has emerged as one of Bengaluru’s most prestigious addresses. This posh neighbourhood in Southeast Bengaluru attracts high-profile residents, from startup founders to CEOs, politicians, and real estate magnates. Its unique status is evident in the record-breaking property deals that regularly make headlines.
One of the standout deals in Bengaluru’s real estate history took place here when Quess Corp MD Ajit Isaac acquired a 10,000-square-foot plot for ₹67.5 crore, setting a new benchmark in the area.
Previously, TVS Motors held the record with a purchase priced at ₹68,597 per square foot. This extraordinary price tag is attributed to high demand and scarce supply in this prime locality, according to sector experts, who say that Koramangala’s real estate prices are less influenced by the city’s broader market trends.
Market Dynamics and Pricing Trends
Data from Housing.com shows an upward trend in Koramangala 3rd Block’s property values, with prices rising approximately 9.5 per cent in the third quarter of 2024 to ₹35,000 per square foot, compared to ₹32,000 in the same period last year. The exclusive 3rd Block leads with its high valuations, partly because it offers larger plots, often sprawling over 4,000 square feet, attracting billionaires and business giants.
Prime Location and Amenities
In addition to luxury residences, the area boasts proximity to major employment centres like Bannerghatta Road, Bellandur, and Electronic City, along with top-rated schools, shopping centres, and healthcare facilities. This connectivity enhances its allure among Bengaluru’s elite.
Influential Residents and Architectural Appeal
Notable personalities, including Flipkart co-founder Sachin Bansal, Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan, and Narayana Health’s Dr Devi Shetty, have chosen this exclusive enclave as home. The neighbourhood’s architecture ranges from heritage villas to sleek, modern homes, often designed by acclaimed architects.
Many properties here feature luxury amenities, including private gardens, pools, and gyms, along with sustainable features like solar panels and rainwater harvesting.
Symbol of Prestige
Owning property in Koramangala’s 3rd Block signifies more than wealth—it’s a marker of social status and success. “It’s more than a residence; it’s a status symbol,” noted a local broker.
Bengaluru’s Real Estate Surge
According to Knight Frank, Bengaluru’s residential prices grew by 10 per cent year-on-year in the July-September 2024 quarter, marking the highest increase among India’s top eight cities.
Data from Square Yards indicates an average price of ₹19,149 per square foot in Koramangala in 2024, a significant 43 per cent increase from ₹13,355 in 2023. Meanwhile, rental prices surged, with monthly rents ranging between ₹48,000 and ₹1,34,400 in 2024, up from ₹49,500 - ₹90,000 last year.
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Business NewsIndustryInside Bengaluru’s ‘Billionaire Street’: Here’s why it’s the city’s costliest and a magnet for business titans
First Published:14 Nov 2024, 02:20 PM IST
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