The NRJN Family Trust established by Nandan M Nilekani, cofounder and chairman of Infosys, has bought a property for Rs 58 crore in Bengaluru’s ‘Billionaire Street’ in a deal that’s said to be one of the biggest home purchase transactions in the Karnataka state capital.
The property is spread over 9,600 square feet and has a built-up area of 3,082 sq. ft., the sale deed showed. It was registered on April 19 and the buyer paid stamp duty of Rs 2 crore, documents accessed by Zapkey.com showed. The seller was Suresh Ganesh Heble, according to the documents.
Nilekani and Rajmohan Krishnan, the authorised signatory on the sale deed, did not respond to queries sent by Moneycontrol.
“This is one of the largest home purchase transactions in Bengaluru and it’s befitting that it has happened in 3rd Block Koramangala, which is called Billionaire Street,” Sandeep Reddy, cofounder of Zapkey, said in a statement.
“Given the limited supply of plots/independent houses in this block in Koramangala, it has high demand from ultra-high net worth individuals,” he said.
The trust is owned by Nilekani and his family. Nilekani was estimated by Forbes to have a net worth of $3 billion.
Billionaire’s enclave
Koramangala’s 3rd Block is considered to be one of the richest enclaves in India’s IT capital, which is home to tech giants such as Infosys and Wipro, apart from startups.
Some of the country’s most successful entrepreneurs have homes in Koramangala 3rd Block, according to local brokers. Among them are Devi Prasad Shetty of Narayana Health and Flipkart founders Sachin Bansal and Binny Bansal.
Of the six blocks in the area, the 3rd Block is the most expensive because of the larger plot sizes and the fact that it is inhabited by billionaires, brokers said.
Bungalows that are spread across 4,000 sq. ft. command a price of just about Rs 25,000 per sq. ft., they said.
In January, Sriram Nadathur, son of Infosys cofounder NS Raghavan, sold a residential property in Koramangala 3rd Block for Rs 11.6 crore, documents accessed by Zapkey.com showed.
In August, Infosys cofounder Kris Gopalakrishnan bought two properties worth Rs 76 crore in the area.
The promoter of Bengaluru-based Quess Corp bought a bungalow spread across 9,507 sq. ft. in the Koramangala area for Rs 52 crore last year. Ajit Abraham Isaac bought the property from Brijesh R Wahi, a Singapore-based NRI. The cost of the property located in Koramangala Extension worked out to about Rs 58,000 per sq. ft.
Also Read: Karnataka slashes property guidance value by 10% for another three months
Flipkart founder Sachin Bansal utilised the proceeds from the sale of his stake in the company to buy a 10,000 sq. ft. property in this area at the rate of Rs 45,000 per sq. ft. He had bought a property in the area for Rs 25,000 per sq. ft. in 2016.
Anesh Shetty, son of Narayana Health chairman Shetty, purchased an independent house worth Rs 18.57 crore in Koramangala in January last year.
Other high-profile deals in Koramangala in the past couple of years, as per documents accessed by Zapkey.com, include those by NRJN Family Trust (Rs 39.8 crore in December 2019), Raja Bagmane (Rs 43.2 crore in November 2019), and Nilekani’s daughter Jhanavi (Rs 30 crore in December 2019).
Prestige Kingfisher Towers in Ashok Nagar witnessed some of the priciest property deals in Bengaluru, brokers in the area said.
In June 2020, Sudha Murthy, wife of Infosys founder NR Narayana Murthy, bought a property in this project for Rs 28 crore, according to documents shared by Zapkey.com.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
