The super built-up area of the duplex flat is 10,602 square feet, while the carpet space is 7,065 square feet. The property is valued at around Rs 43,123 per square foot in the transaction.
Tariq Premji, the son of Wipro founder Azim Premji, buys an opulent condominium in Bengaluru for Rs 45.71 crore.
According to property registration paperwork obtained through real estate data analytics company Zapkey, Tariq Premji, the younger son of billionaire philanthropist and founder of Wipro Ltd. Azim Premji, purchased an opulent apartment in central Bengaluru for Rs 45.71 crore.
The duplex apartment is situated in Sampangiramnagar’s 27 Summit building, a high-end residential development by Nestled Haven Developers LLP, a division of MAIA Estates, a Bengaluru-based company.
According to registration documents, the apartment has a super built-up area of 10,602 square feet and a carpet area of 7,065 square feet.
The luxurious house is valued at about Rs 43,123 per square foot based on the super built-up area.
According to Sandeep Reddy, co-founder of Zapkey, the deal is among the biggest residential deals in Bengaluru this year.
According to the paperwork, the agreement also includes a proportionate undivided land allotment of 2,952 square feet and 11 covered basement parking spaces.
Tariq Premji and MAIA Estates did not immediately respond to Moneycontrol’s enquiries. Once a response is received, the copy will be updated.
Bengaluru’s real estate market
Due to demand from startup founders, tech executives, business families, and high net worth individuals, Bengaluru’s luxury property market has seen high-value transactions over the past year, according to industry observers.
Large-format homes and upscale developments have drawn more attention in central business district sites and upscale micro-markets like Sampangiramnagar, Richmond Town, Indiranagar, and Koramangala.
With a concentration on boutique premium developments in key metropolitan locations, MAIA Estates has become a prominent player in Bengaluru’s luxury residential market.
27 Summit is a 2.61-acre residential complex located off Richmond Road in Central Bengaluru. The 75 homes in the project range in size from three to four and a half bedrooms.
“A ticket size of this magnitude underscores the building’s position as a landmark ultra-luxury destination in the Central Business District, but we have seen a steady trickle of high-value transactions registered at 27 Summit in the past,” Reddy stated.
According to him, the ultra-luxury market is separating from more general residential trends throughout the city; ultra-high-net-worth individuals are increasingly prepared to pay a substantial premium for distinctive, “villa-in-the-sky” designs that provide complete privacy, low density, and world-class architecture.
Tariq Premji: Who is he?
Tariq is connected to Azim Premji’s family office and is his younger son. A wide range of technology, healthcare, consumer, financial services, and growth-stage businesses are managed by the investment arm.
One of the most well-known investment platforms in India, Premji Invest has supported numerous Indian startups and companies.
Azim Premji is a prominent philanthropist and businessman in India. He has dedicated a sizeable amount of his income to social development and education programs through the Azim Premji Foundation.
Tariq graduated from St. Joseph’s College in Bengaluru with a degree in commerce. He was appointed to the Wipro Enterprises board in 2018. He is a member of the Azim Premji Foundation as well.