Entrepreneur and Karza Technologies co-founder Gaurav Samdaria has bought a sea-facing duplex in Mumbai’s tony Worli Sea Face area for Rs 70 crore, local brokers have told Moneycontrol, amid a growing trend of startup leaders snapping up luxury homes.
The deal for the 6,735.47 square feet apartment occupying the second and third floors was registered on September 7, 2022, documents, a copy of which was reviewed by Moneycontrol, show.
Demand for luxury projects in Mumbai has risen and the tilt has been in favour of ready or near-ready real estate projects. Tech startups, flushed with money and ESOPs turning liquid gold, promoters and other stockholders are snapping up high-end luxury residences.
In March this year, Bengaluru-based Perfios Software Solutions bought Karza Technologies, a banking and financial intelligence solution provider, for around Rs 600 crore.
The apartment, which is in the building called Legacy on Khan Abdul Gaffar Khan Road, was sold by promoter Sachiv Sahni to Samdaria for Rs 69.96 crore, the documents show.
The price works out to be Rs 1 lakh per sq ft, brokers said. The buyer paid a stamp duty of Rs 4.19 crore for the apartment that comes with five car parking slots.
The supply of high-quality developments is limited and buyers are happy to pay a premium for the right product. High-value properties are in demand by top corporate executives, businessmen and start-up founders who have done exceedingly well on their equity ownership portfolio in the last two years following COVID-19.
Startup founders and promoters have also been buying luxury properties to save on capital gain tax. In the last two years, in metros like Delhi, Mumbai, and Bengaluru, tech entrepreneurs and corporate CXOs with hefty ESOPS have cashed out and joined the ranks of luxury home buyers. For long, the market was dominated by industrialists and film stars, said Amit Goyal, CEO at India Sotheby’s International Realty.
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