Shruti R Pai, the spouse of Manipal Education and Medical Group Chairman Ranjan Pai, has purchased a luxurious apartment in Bengaluru’s Jayamahal Extension for ₹64 crore, as per property registration records from Zapkey.
The sale was made through Savyasachi Projects, with representatives Parag S. Maniar and H. Vijayanath Hegde facilitating the transaction. The apartment, situated in the exclusive Savyasachi Sarayu project, occupies the 13th and 14th floors, covering a super built-up area of 12,800 sq ft and a carpet area of 9,929 sq ft.
This deal translates to ₹64,457 per sq ft based on the carpet area—a notable benchmark in this micro-market, indicating the growing demand for ultra-luxury residences in Bengaluru’s traditional affluent areas. Included with the property are four covered car parks and a basement lumber room, as indicated in the sales deed.
“This acquisition illustrates the increasing trend in high-value properties in Bangalore. Historically, the ₹50 crore-plus segment was primarily composed of bungalows, but we’re witnessing a distinct rise in luxury apartment transactions at this price level. As more developers meet the demand for premium, amenity-rich gated communities, this segment is likely to continue expanding,” stated Sandeep Reddy, Co-founder of Propstack.
Jayamahal Extension, near the Bangalore Palace and close to the CBD, has experienced a few significant high-value property deals recently, driven by interest from affluent families, high-net-worth individuals, and industrialists. This transaction is part of a broader trend where wealthy promoters and business families are investing in distinguished residential properties in Bengaluru, which has recently seen an uptick in luxury real estate activity.
Earlier in the year, Nithin Kamath, co-founder of Zerodha, reportedly acquired a spacious bungalow in Koramangala 3rd Block for over ₹70 crore, while Flipkart’s co-founder Binny Bansal invested in a high-value residential plot in Sadashivanagar for more than ₹55 crore. Additionally, the family of Infosys co-founder Kris Gopalakrishnan purchased a luxury villa in Whitefield’s Palm Meadows enclave for around ₹35 crore.
Industry analysts suggest that the limited availability of properties in prime neighborhoods like Jayamahal, Sadashivanagar, and Richmond Town is propelling upward price trends for premium listings. “These acquisitions aren’t speculative; families are buying them for personal use, heritage, or as lifestyle investments. The scarcity of high-quality listings is pushing per square foot prices to unprecedented heights,” remarked a senior executive from a luxury real estate advisory firm.
Industry insiders anticipate a sustained rise in large-scale residential sales within the ₹40–₹75 crore range, driven by non-resident Indian investors, family offices, and promoter groups reallocating wealth back into Indian assets.
According to the latest Knight Frank Wealth Report 2025, the number of ultra-high-net-worth individuals (UHNWIs) in India, defined as those with net worth exceeding $30 million, increased by 12.4% in 2024, surpassing the global average. Bengaluru is home to over 250 UHNWIs, a figure projected to exceed 320 by 2027. The report also notes that India saw the addition of 1,200 new millionaires each week in 2024, many of whom are tech entrepreneurs, second-generation business families, and global professionals returning to the country.
