TVS acquires a 5,023 sq ft bungalow in Bengaluru for Rs 20.93 crore.

TVS Motor Co has paid Rs 20.93 crore for a 5,023 sq ft bungalow in Bengaluru’s Koramangala neighborhood, the company’s third large-ticket acquisition in 3 months.

As per sales documents shared by real estate intelligence platform Zapkey, the property, which includes ground plus 2 structures, was bought from Bengaluru residents PS Sanjeev and Anitha Sanjeev.

R Murali, TVS Motor’s vice president-legal, represented the company.

TVS Motor purchased a residential property in Bengaluru earlier this year for 765 crores, making it the city’s most expensive residential property transaction.

TVS Capital Fund chairman Gopal Srinivasan purchased a residential property on Bengaluru’s Rest House Crescent Road for around 15 crores in December 2022, in another significant property transaction in the southern city. This property spans 6,000 square feet and has a built-up area of 2,600 square feet.

Koramangala has become a sought-after neighborhood for high-net-worth individuals looking for exclusive deals.

In recent years, the area has seen a slew of high-profile residential and land deals, with everyone from Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan to Quess Corp executive chairman Ajit Isaac purchasing large properties.

According to industry reports, luxury sales account for 10-15% of total residential sales and are growing rapidly despite market fluctuations.

It is one of the fastest-growing segments of the real estate industry with homeowners and high-net-worth individuals (HNIs) interested in investing in premium properties that provide them with a high standard of living as well as a valuable asset.