Flipkart CEO Kalyan Krishnamurthy's wife, Soumya Narayanan, has bought a villa for around Rs 8 crore in Bengaluru, documents accessed by Zapkey.com show, continuing the trend of tech entrepreneurs snapping up luxury residences.
Narayanan bought the property in Adarsh Palm Retreat Villas project, fast emerging as the address of the tech czars. A gated community of 800 red-roofed “Victorian villas”, Adarsh Palm is spread over 110 acres on the Marathahalli Outer Ring Road.
“We are witnessing an increase in the number of properties purchased by promoters and early-stage employees of several tech startups in the country on the back of massive fund-raising, ESOP liquidity and the upcoming IPOs,” said Sandeep Reddy, co-founder of Zapkey.com, which aggregates publicly available property registration data.
The sale deed for the villa, with a built-up area of 4,921 sq ft and constructed on a 6,918 sq ft plot, was registered on March 4, 2022, documents show.
The property was sold by one Vijay Israni, says a copy of the sale deed reviewed by Moneycontrol. Flipkart’s spokesperson didn't respond to Moneycontrol queries about the purchase.
The villa comes with four bedrooms, five bathrooms, dual kitchens and puja, living, dining, family, office and media rooms along with a garage and a utility room.
Several unicorn tech entrepreneurs have also bought houses in Adarsh Palm, where villas are priced between Rs 4.5 crore and Rs 8 crore, local brokers said.
Last month, Srinath Ramakkrushnan, co-founder, Zetwark, bought a unit in this complex for Rs 5.8 crore.
DealShare founder and chief business officer Sourjyendu Medda bought a unit for Rs 7.45 crore on December 23, 2021. The same month Karthik Vugane, managing director, NetApp India, got a house for Rs 4.21 crore and Sandeep Singhal of Avaana Capital bought a villa for Rs 8.75 crore.
Ramakant Sharma of Livspace bought a unit for Rs 7.1 crore in November 2021. Meesho founder-CEO Vidit Aatrey founder paid Rs 5 crore for a villa on January 31, 2020, data shared by Zapkey.com shows.
Bengaluru remains the startup hub, with a 34 percent leasing share during 2019-21. Koramangala, HSR and Indiranagar being the preferred locations, a report said.
A well-developed ecosystem, strong technology talent, and a culture of entrepreneurship were the major factors attracting startups to the city.