Chairman and Managing Director of TVS Capital Fund Gopal Srinivasan bought a luxury residential property in Bengaluru worth Rs 15 crore, documents accessed by Zapkey.com showed.
The property located at Rest House Crescent Road sprawls across 6,336 square feet (sq ft) with 2,000 sq ft of built-up area. It also includes a dwelling house, outhouses, and garage, according to the deed document.
The sellers are Kaveri Warriar, Vijay Warriar, and Sudha Thimmaiah.
The sale document mentions that the transaction happened in November, and the buyer has paid Rs 73 lakh in stamp duty.
Srinivasan is the founder, Chairman and Managing Director of TVS Capital Fund and a third-generation member of the TVS Family which owns TVS Motors, TVS Electronics, Sundaram Fasteners etc.
He founded eight businesses operating in several industries, including technology, financial services, and auto components, over a 30-year entrepreneurial career.
Queries have been sent to Srinivasan and Moneycontrol will update the story after receiving a response.
The real estate sector in Bengaluru has been booming lately, with soaring apartment rents and a shortage of fresh inventories.
Bengaluru saw multiple property deals lately with Nandan M Nilekani, co-founder and chairman of Infosys, buying a property in Bengaluru’s Billionaire Street Koramangala area for Rs 59 crore in October 2022.
In June, Byju’s leased office space of about 5.58 lakh sq ft in Bengaluru’s Kalyani Techpark Pvt Ltd for Rs 2.93 crore per month for five years.
About 1.84 lakh units were sold in the top seven cities in the first half of 2022, with about 14 percent (approximately 25,700 units) sales in the luxury category, according to ANAROCK Research.
Bengaluru has approximately 9,860 luxury units available for sale. In H1 2022, approximately 2,430 luxury homes were sold.