By Accommodation Times Bureau
The biggest residential deal in Bengaluru has come into existence with The
Embassy Group that has sold an apartment for Rs 50 crore to Ajit Prabhu-
Chairman and Chief Executive of engineering outsourcing company Quest
Global.The deal is making buzz in the real estate market- according to the people
familiar with the matter.
Prabhu has bought the 16,000-sqft apartment in Embassy One, near Hebbal, which
includes a 230-room Four Seasons luxury hotel, 110 Four Seasons-branded
residences, 150,000 sqft of office space and 60,000 sqft of retail space. The per-
sqft rate for the apartment works out to about Rs 31,000. Last year, Flipkart's
Binny Bansal acquired a 10,000-sqft home in Koramangala III Block -a coveted
neighborhood of self-made billionaires -for Rs 32 crore.
Prabhu, who grew up in Hubballi, divides his time between Singapore and India,
has owned the yet-to- be customized apartment on the top of the South Tower, and
it's the 30th floor. The first 21 floors will be dedicated to the Four Seasons hotel,
and the rest will be serviced residences. Bollywood actress Deepika Padukone and
some of the Infosys co-founders were among the first to invest in these branded
Embassy has confirmed the deal, but declined to confirm the buyer. Prabhu could
not be immediately reached for comment. Reeza Sebastian, Head of Embassy
residential marketing and sales, told "Sales like this bring a great sense of
confidence in the market".
Prabhu, who has paid 75% of the amount, is expected to move in once the
apartment will get ready by the middle of 2018. Sebastian said the company has
sold about 52% of the apartments. The residences will have concierge services, 24-
hour valet parking, and residents will enjoy the hotel's paid services such as room
service, limousines and apartment cleaning.