Indian billionaire Vijay Mallya is set to raze his family home and in its place build a residential tower with apartments worth $4 million each. Mallya, who has a net worth of $1.45 billion, is chairman of United Breweries, the world’s second largest liquor manufacturer.
The project will go up in Bangalore, which has become a technology hub in recent years. Demand for premium residential property in the city has risen considerably as expatriates and high-powered business people continue to relocate there for work. The demand for luxury apartments in Bangalore and other hotspots such as Mumbai have been growing since Indian stocks made the biggest rally in 18 years in 2009.
“Bangalore until two years ago was purely sold on location without any consideration for product needs or design,” says Anand Narayan, national director of residential agency at the Indian branch of Knight Frank LLP. “If the location was good it was expensive. Now that’s changing. Some developers are building exclusive products which come at a premium just like the Gucci limited-edition bags.”
This year, the combined net worth of India’s 100 wealthiest people climbed to an all-time high of $300 billion—equivalent to about a quarter of the country’s gross domestic product. As economic growth continues to swell the ranks of the rich, Credit Suisse Group AG expects the assets of India’s wealthiest to double to $6.4 trillion over the next five years.
Mallya’s Kingfisher Towers project is named after his company’s best-selling Kingfisher beer. It will consist of 72 four-bedroom apartments, with each unit 8,321 square feet in size. The complex will have a helipad, swimming pools, squash courts, a spa and concierge services. Apartment sales will begin sometime in the next few months.