Teamlease co-founder buys apartment in Bengaluru for Rs 24 crore

Teamlease Services

Staffing solutions company Teamlease’s co-founder and managing director Ashok Kumar Nedurumalli and his wife Pooja Reddy have bought a Rs 24-crore apartment in a tony Bengaluru neighbourhood, documents accessed by Zapkey.com show.

The five-BHK house that occupies the ground and the first floors is in the Regency Margosa apartment building on Kasturba Road, a commercial and residential area, and was registered on August 11, 2021.

Confirming the purchase, Nedurumalli told Moneycontrol, “The residential property of 8,700 sq ft built-up plus 3,000 sq ft garden has been primarily purchased by my wife Pooja Reddy from the sale of some assets at her end. This is to enable the consolidation of our family by providing space for our surviving parents to move in to stay together.”

Documents show that stamp duty of Rs 1.34 crore was paid for registering the property, whose one sq ft is priced at around Rs 25,000.

The unit comes with an exclusive garden area spread across 3,000 sq ft and four covered car parking spaces in the basement, the documents show.

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Associate Editor, Real Estate|Moneycontrol News

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The property was sold by Dev Roy and Uma Prasad Roy.

Also read: Quess Corp promoter buys bungalow in Bengaluru's billionaire street for Rs 52 crore

Brokers in Bengaluru who did not wish to be named said that the building is a premium boutique property located close to Kingfisher Towers and housing units in UB City and Van Gogh's Garden, which command a price of anything between Rs 35,000 per sq ft to Rs 38,000 per sq ft.

Also Read: Owner of listed cable manufacturer Polycab buys apartment worth Rs 34.5 crore in Mumbai

TeamLease Services Ltd was founded by Nedurumalli Manish Mahendra Sabharwal, and Rituparna Chakraborty on February 2, 2000, and is headquartered in Bengaluru.

It is a Fortune India 500 company listed on the NSE and BSE.

The company in partnership with the government of Gujarat set up TeamLease Skills University, India’s first vocational university, at Vadodara. In FY2015, TeamLease rolled out National Employability through Apprenticeship Program to provide on-the-job training to apprentices.

Also Read: Deepika Padukone, father buy serviced apartment in Bengaluru