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Esencia Partners, a firm where Manipal Hospitals head Ranjan Pai is a managing partner, has acquired a property on Bengaluru’s upscale Lavelle Road for Rs. 165.6 crore. Lavelle Road is known for its high-end residential and commercial properties.
The property, which includes an existing building, spans around 25,824 sq. ft. According to registration data accessed by real estate platform Zapkey, the seller was Mira Angeline Cummins, an Australian passport holder. The sale deed was signed on 12 September.
Ranjan Pai is the chairman of the Manipal Education and Medical Group, which operates across healthcare, education, and private investments.
Significant Real Estate Deal
“This Lavelle Road transaction is one of Bengaluru’s most notable real estate deals this year. At roughly Rs. 64,150 per sq. ft., it highlights the high value and scarcity of land in one of the city’s most prestigious locations,” said Sandeep Reddy, co-founder of Zapkey.
“Large independent land parcels are rare in central Bengaluru, making this a prized asset. The purchase by a prominent business leader like Ranjan Pai shows strong confidence from ultra-wealthy individuals in Bengaluru’s luxury property market,” he added.
Ultra-rich buyers in Mumbai, Delhi-NCR, and Bengaluru continue to invest in prime properties, often for personal use and long-term investment, even as prices rise.
In June, Shruti Pai, founder and director of Sagework Design, purchased a luxury duplex in Bengaluru for Rs. 64 crore, one of the city’s most expensive residential deals. Shruti Pai, previously creative director at Manipal Education and Health Group, is married to Ranjan Pai.
The largest Bengaluru property deal of 2024 involved Ajit Isaac, MD of Quess Corp, who bought a 10,000 sq. ft. property on Koramangala’s “Billionaire Street” for Rs. 67 crore.
