Bengaluru: Esencia Partners, managed by Ranjan Pai, chairman of the Manipal Education and Medical Group, has acquired a prime property on Lavelle Road, one of Bengaluru's most upscale residential and commercial areas, for ₹165.6 crore. The property spans approximately 25,824 square feet and includes an existing building, according to registration records obtained from real estate data platform Zapkey. The seller was Mira Angeline Cummins, an Australian passport holder, with the sale deed finalized on September 12. Lavelle Road is known for its scarcity of large, independent land parcels, making this acquisition a significant asset in central Bengaluru’s luxury real estate market. Industry experts note that this purchase by a prominent business leader like Ranjan Pai underscores strong confidence among ultra-high-net-worth individuals in the long-term value of Bengaluru's luxury property sector. An insider familiar with the property revealed that the site currently features an old bungalow, highlighting potential for redevelopment. Prime properties in metro cities such as Bengaluru, Mumbai, and the Delhi-NCR region continue to attract affluent buyers amid rising price trends. These investments serve both personal residential needs and long-term asset appreciation. Notably, in June 2024, Shruti Pai, founder and director of Sagework Design and spouse of Ranjan Pai, acquired a luxury duplex in a boutique condominium in Bengaluru for ₹64 crore, marking one of the city’s highest-value residential transactions. Earlier, she held the position of creative director at Manipal Education and Health Group. Earlier this year, Bengaluru witnessed its largest luxury real estate deal when Ajit Isaac, managing director of Quess Corp, purchased a 10,000 square foot property on Koramangala’s renowned “Billionaire Street” for ₹67 crore.