The co-founder of online grocery company Bigbasket, Abhinay Choudhari, has bought a 9716 sq ft plot in Epsilon, a prime location in Bengaluru, for Rs 12.25 crore amid the second wave of COVID-19, registration data accessed by Zapkey.com showed.
The plot is located in a gated community called Yemlur Home Owners Association on Yemlur Main Road, Bengaluru, which is off the Old Airport Road. The deal was registered on June 15, 2021.
This is a prime area in Bengaluru with large layouts spread across 7,000 sq ft to over 10,000 sq ft. The development only comprises of villa plots. The market price is around Rs 13,000-15000 per sq ft, depending on the plot size and the location, according to local brokers.
The project is located adjacent to the old airport. Prices here vary from Rs 10 crore to Rs 15 crore, they said.
Choudhari declined comment.
This was one of the By Invitation projects and one of Bengaluru’s top addresses. Former Indian cricket team captain Rahul Dravid also resided here.
“We are witnessing an increase in the number of properties purchased by promoters and early stage employees of several tech start-ups in the country on the back of massive fund raising, ESOP liquidity and the upcoming IPOs,” said Sandeep Reddy, co-founder of Propstack, a real estate technology and data company.
“Such deals offer liquidity to promoters and early employees who end up buying luxury homes to fulfil their aspirations and also cut some tax outgo resulting from capital gains,” he said.
In May this year, Tata Digital, a unit of Tata Sons, acquired around 64% stake in Supermarket Grocery Supplies that owns BigBasket.
Competition Commission of India had earlier this year approved the Tata-BigBasket deal. The deal came on the back of increasing e-commerce sales, especially that of food and groceries in India on account of the pandemic.
The purchase by Choudhari is the latest in a flurry of deals in Bengaluru in recent months.
Anesh Shetty, the son of Narayana Health Chairman Dr. Devi Prasad Shetty, bought an independent house worth Rs 18.57 crore in Koramangala in January, documents made available by Zapkey.com have revealed.
Some of the other high-profile deals in Koramangala in the last couple of years as per documents accessed by Zapkey.com include Nadan Nilekani’s NRJN Family Trust (Rs 39.8 crore in the month of December in 2019), Raja Bagmane (Rs 43.2 cr in November 2019), Jhanavi Nilekani, daughter of Nandan Nilekani bought a bungalow for Rs 30 crore in December 2019.
Areas such as Vasanth Nagar had like Raj Menda, corporate chairman of RMZ Group, and Anand Surana of Bengaluru-headquartered generics firm Micro Labs, buying property in the project Blessington for Rs 20.26 crore and Rs 13.76 crore, respectively in May 2020, registration documents accessed by Zapkey.com