In one of Bengaluru’s most expensive residential real estate transactions this year, a property in the upscale Indiranagar neighborhood has been sold for Rs 47.5 crore, according to local brokers familiar with the deal, as reported by Moneycontrol.
Data from analytical firm Zapkey, which accessed the sale agreement, reveals that the property comprises an 8,000 sq ft plot with a 2,500 sq ft built-up area. It was purchased by Himadri Tanaya Lenka and Shrinibash Sahoo, the founder of Lyfe Hotel in Odisha. The sale was finalized on July 25.
The property is located in Defence Colony, a highly exclusive residential enclave in Bengaluru, adjacent to the vibrant 100 Feet Road. This area is well-known for being home to prominent industry leaders and retired military officials. Despite the rapid commercial growth in Indiranagar, Defence Colony has retained its residential charm, largely due to strict court rulings and civic policies that protect its character.
Although the sale is categorized as a residential transaction, local brokers speculate that the property may eventually be converted for commercial use, given the lucrative opportunities along 100 Feet Road. Since the mid-2010s, this area has experienced significant commercial growth, attracting luxury brands and innovative startups.
Efforts to contact Sahoo for comments on the transaction were unsuccessful.
