Bengaluru real estate update: Manipal Group’s Ranjan Pai, through its Esencia Partners, bought the 25,824 sq ft property on Lavelle Road

Manipal Group chairman Ranjan Pai, through his investment firm Esencia Partners, has purchased a prime property on Lavelle Road in Bengaluru’s upscale Shantala Nagar for ₹165.6 crore, according to the property registration documents accessed by data analytical firm Zapkey.

The 25,824 sq ft property, previously owned by Australian national Mira Angeline Cummins, includes two existing buildings, each measuring approximately 3,339.9 sq ft. The transaction was registered on September 9, 2025, according to the documents.

The property is located near UB City and Cubbon Park, one of the most sought-after areas in the Bengaluru real estate market.

The property is located near Vittal Mallya Road, on Lavelle Road, which is home to premium offices, boutique hotels, and luxury residences, making it one of the few remaining high-value land parcels in the central business district.

This transaction on Lavelle Road is one of the most significant real estate deals in Bengaluru this year. The price, which translates to approximately ₹64,150 per square foot, underscores the immense value and scarcity of land in one of the city's most prestigious and expensive addresses,” said Sandeep Reddy, cofounder of Zapkey.

Large, independent land parcels are a rarity in central Bengaluru, making this a prized trophy asset. The purchase by a prominent business leader like Ranjan Pai further signals robust confidence from ultra-high-net-worth individuals in the long-term value of Bengaluru's luxury property market,” Reddy said.

An email query has been sent to Ranjan Pai. The story will be updated if a response is received. The seller, Mira Angeline Cummins, could not be reached for comment.

Big-ticket transactions in Bengaluru

In June 2025, Shruti Pai, wife of Ranjan Pai, purchased a luxury duplex apartment in Bengaluru’s upscale Jayamahal Extension for ₹64 crore, according to documents accessed by Zapkey. The apartment spans 12,800 sq ft of super built-up area, with a carpet area of 9,929 sq ft, including balconies and a lift lobby. The property was sold at ₹64,457 per sq ft on the carpet area and ₹50,000 sq ft on the super built-up area, making it among the highest per-square-feet rates recorded in the locality.

In August, IT major Tata Consultancy Services (TCS) signed one of Bengaluru’s largest commercial real estate deals, leasing 1.4 million sq ft of office space for ₹2,130 crore over 15 years, documents accessed by Propstack show.

The office space is located across Towers 5A and 5B in the city’s southern IT corridor, specifically at 360 Business Park in Electronic City. The lease covers 6.8 lakh sq ft in Tower 5A and 7.2 lakh sq ft in Tower 5B, with a consolidated monthly rent of ₹9.31 crore at a rate of ₹66.5 per sq ft. The documents showed that TCS has also provided a security deposit of ₹112 crore.

Earlier this year, Google opened its Ananta campus in Bengaluru, a 1.6 million square foot facility in Mahadevapura, which is also its largest office in India. In 2024, Morgan Stanley leased 1 million sq ft in Mumbai on a nine-year term, with a starting monthly rent of ₹15.96 crore.