Indian Billionaire Plans Luxury Condo Tower In Bangalore

Indian billionaire Vijay Mallya is betting on the future of real estate in India. Bloomberg reports that the liquor tycoon plans to tear down his ancestral home in Bangalore to build $4 million apartments. The Bloomberg article states that United Breweries Holdings Ltd. and Prestige Estates Projects Ltd. are developing the 4.5 acre plot into Kingfisher Towers. The name comes from India's best-selling beer, which Mallya owns.

The four bedroom units will cost at least $3.7 million and sales will begin in the next few months. The apartments will appeal to non-resident Indian businessmen and other high-net- worth individuals. Mallya lives in a bungalow on the site currently but will have his own lavish residence once the towers are built. The towers will have 72 units and will have a helipad, swimming pools, squash courts and concierge services. Mallya will keep 60,000 square feet on the ground floor plus one other level with a separate entrance and private elevators to his apartment. Not as lavish as Mukesh Ambani's pad in Mumbai but not too shabby either.