Sukumar Srinivas buys two properties in Bengaluru’s ‘Billionaire Street’ for Rs 44.60 crore

Residential buildings in Bengaluru. Photographer: Dhiraj Singh/Bloomberg

The owner of Shankara Building Products Ltd, Sukumar Srinivas, has bought two properties in Bengaluru’s posh Koramangala area for Rs 44.60 crore, documents accessed by Zapkey.com showed.

Srinivas on March 21, 2022, offloaded over 10 lakh shares of the company for Rs 75 crore through an open market transaction. According to the block deal data on NSE, he had sold 10 lakh shares at an average price of Rs 755 apiece. This took the total deal value to Rs 75.50 crore.

The first property worth Rs 22.30 crore was registered on May 4, 2022. The plot size is 5,400 sq ft, with a built-up area of 1,800 sq ft. He paid a stamp duty of Rs 1.24 crore on the property located in the famous 3rd Block, Koramangala area, the sale deed showed.

The second property has been bought by his wife Parwathy Srikanth Mirlay. The total area is 5,400 sq ft, with a built-up area is 2,172 sq ft. Stamp duty of Rs 1.24 crore has been paid for the deal. The property was registered on May 4.

A response from the buyers is awaited.

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Vandana Ramnani

Associate Editor, Real Estate|Moneycontrol News

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“This is yet another purchase transaction in Bengaluru's 3rd Block of Koramangala, which is also known as the ‘Billionaire Street’. The limited supply of plots / independent houses in this block in Koramangla has generated higher demand from UHNIs. This size of the transaction is befitting keeping this location in mind,” said Sandeep Reddy, co-founder of Zapkey.

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 start-ups.

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.