Like the UB Towers’ joint owner, the King of Good Times, this ultra-rich residential apartment was also the baadshah of the Bengaluru realty market since 2011. But this year, just as when its owner’s fortunes changed, even UB Towers lost its crown.
In the recently revised guidance value of properties that was implemented on April 1, Wimbeldon Park, yet another upscale rollout by Nitesh Estates, was valued for the first time. This limited edition flats‘ price, as per government value, stands at Rs.23,447 per sq ft. Situated in close proximity to Taj Westend, ITC Windsor and the race course, the flats in Wimbeldon Park are spread over 4,000 sq ft and have an unrestricted view of the massive expanse of the race course. The area falls under Gandhinagar sub-registrar’s jurisdiction.
Surprisingly, just about six months ago, a flat in Wimbeldon Park was transacted at less than Rs.9,000 per sq ft. As part of its revision exercise, the department takes into consideration the highest transacted amount in the area over the last two years. Going by that formula, in the nearby Fairfield Layout, a recent transaction took place for Rs.30,000 per sq ft and the valuators must have taken this figure as an indicator.
UB towers on Vittal Mallya Road whose apartments have an area of 8,300 sq ft has been revised to 22,388 per sq ft. During the 2013 revision, the property stood at Rs.16.950 per sq ft. However, according to industry sources, the last property transaction was inked at Rs.28 crore. Industry pundit and chairman and managing director of Silverline Realty Farook Mahmood explains that Wimbeldon Park is a fancy project with a beautiful view of Bangalore Turf Club. “There are only 15 properties on that stretch that get the unrestricted view of the race course. In real estate, only three things work. Location, location and location.”
Key areas in CBD occupy the top slots – Cunningham Road at Rs.22,509 per sft, Race Course Road at Rs.18,513 per sq ft, Sadashivanagar at Rs.22,007 per sq ft, and Sankey Road at Rs.20,009 per sq ft.
Credits Bangalore Mirror