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Peyush Bansal, co-founder of Lenskart, recently made a significant real estate acquisition in the prestigious Neeti Bagh area of Delhi, India. He invested an impressive sum of Rs. 18 crore to secure this luxurious property. According to documents obtained by Moneycontrol, Bansal's acquisition included the basement and ground floor of a bungalow, with the transaction completed in his name in May 2023. The purchased area measures 467.9 sq m or 5,056 sq ft, while the property's total covered area spans 939.4 sq m or 10,111.7 sq ft, situated on a 680 sq m plot in Neeti Bagh. As part of the purchase, Bansal paid a stamp duty of Rs. 1.08 crore. The documents reveal that the property's assessed value, based on the area's official circle rate, is approximately Rs. 5.42 crore.
In a similar vein, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions, an IT software services and consultancy firm based in Hyderabad, made headlines with their acquisition of a property in Hyderabad. They invested Rs. 48 crore in one of the city's most expensive residential deals this year. The property, spanning 13,000 sq ft, is located in the Jubilee Hills area and was acquired with a stamp duty of Rs. 2.6 crore, as per the sale deed document shared by Zapkey.
Earlier in the year, Monish Darda, co-founder and Chief Technology Officer of Icertis, purchased a luxury residential apartment in Juhu for approximately Rs. 38 crore. The apartment offers a carpet area of 3,055 sq ft, translating to an impressive rate of over Rs. 1.24 lakh per sq ft. Situated on the 12th floor of the Vartamaan project on Juhu-Versova Link Road, Darda completed the transaction with a stamp duty of nearly Rs. 2.28 crore, as evidenced by documents accessed through Zapkey.com.
Notably, in January, Nandan M Nilekani, co-founder of Infosys, made headlines when a family trust named NRJN, established by Nilekani, sold a property in Bengaluru's affluent Koramangala area for Rs. 54.70 crore. The plot spans 9,488 sq ft, and the sale deed was officially registered on January 30, 2023, according to the documents retrieved from Zapkey.com.
Tech moguls in India are increasingly opting to allocate their wealth into substantial real estate investments as a strategic diversification strategy. These prominent figures, who have amassed significant fortunes in the technology sector, recognize the potential stability and long-term growth that real estate offers. The allure of prime properties in prestigious locations, coupled with the potential for lucrative rental income and capital appreciation, makes real estate an attractive asset class. Furthermore, the COVID-19 pandemic has amplified the importance of having tangible assets in one's portfolio, and real estate, being a tangible and relatively stable investment, provides a sense of security. This trend underscores the evolving investment landscape among India's tech elite, where real estate is emerging as a preferred avenue for wealth preservation and growth in addition to their tech ventures.
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