Bengaluru-based online gaming startup Gameskraft Technologies has bought five apartments in the city for around Rs 32 crore, documents accessed by Zapkey.com show.
The agreement of sale was registered on August 26, 2021. The five apartments, together worth Rs 31.49 crore, are of size 6,950 sq ft (super built-up area) each and are located in the Savyasachi Sarayu project on First Main Road, Jayamahal Extension, Bengaluru.
The seller is Savyasachi Projects, shows a copy of the sale agreement that Moneycontrol has reviewed. A spokesperson for Gameskraft refused to comment.
This is a “great deal” as it works out to be less than Rs 10,000 per sq ft. while the market rate is at least Rs 15,000 per sq ft, according to local brokers who did not want to be named.
The apartment complex is located off the Nandidurga Road in the Frazer Town area of Bengaluru and comes with high-end facilities. It is a prime property surrounded by the Mysore Palace grounds and other niche ground plus four buildings, they said.
The company had on August 31 registered an office space in the city for Rs 129.99 crore, documents accessed by Propstack show. Gameskraft bought the property spread across 1.21 lakh sq ft from Embassy Property Developments.
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The property, called Embassy Techsquare, Delta, is located in Marathahalli, Bengaluru’s eastern suburb that is a commercial hub and has residential areas.
Gameskraft bought the sixth, seventh and the eighth floors of the building, the documents show. Gameskraft and the Embassy Group did not respond to Moneycontrol’s queries.
According to a report by KPMG, gaming is valued at just under $1 billion and is expected to grow at 41 percent a year. By 2024 it will touch $3.75 billion in India, with subscriptions, in-app purchases, advertising and platform fees comprising the revenue streams.
RummyCulture was the first online gaming app to be introduced by the house of Gameskraft in 2017.
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On September 17, the Karnataka Police (Amendment) Bill, 2021, that proposes a ban on online gambling was tabled in the assembly.
Following the COVID-19 induced lockdowns, the world’s largest gaming deals took place last year. US-based social gaming company Zynga bought two titles from the portfolio of Istanbul-based Peak Games for $1.8 billion.
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