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The purchase involves a 9,600 sq ft property with a built-up area of over 3,000 sq. ft. in Koramangala 3rd block. The deal was registered on April 19 and a stamp duty of Rs 2 crore was paid as per the registry document shared by ZapKey. The property was earlier owned by Suresh Ganesh Heble and was represented by its corporate trustee, Entrust Family Office Legal and Trusteeship Services, and its director Rajmohan Krishnan.
Nilekani already owns another property in Koramangala 3rd block, the document mentioned. The area is popularly known as the boulevard of billionaires.
“The residential market is riding on the twin momentum of the ongoing low-interest rate and attractive pricing offered by developers,” said Zapkey cofounder Sandeep Reddy. “Bangalore specifically is seeing high demand for big-ticket transactions. Given the limited supply of plots and independent houses in the 3rd block in Koramangala, it has high demand from UHNIs.”
Nilekani and Rajmohan Krishnan didn’t respond to queries.
The tech capital of India is increasingly seeing investment in second homes by ultra-high net worth individuals (UHNIs) as the residential segment has witnessed a sharp recovery since the Covid-19 outbreak in the country. According to property consultants Knight Frank, 29% of the wealth of Indian UHNIs is allocated toward the purchase of residential property.
Among the large deals closed recently in Bengaluru was SGK Investment Trust, the family office of Kris Gopalkrishnan, acquiring two properties in the Koramangala area for nearly Rs 76 crore. Gopalkrishnan is also an Infosys cofounder and former CEO. Quess Corp. executive chairman Ajit Isaac bought a bungalow in Koramangala for nearly Rs 52 crore and Raja Bagmane acquired a residential property with 3,400 sq ft built up area for Rs 40 crore.
Indian real estate in the January-March period scaled a new peak for the second straight quarter since July-September 2013 as Bengaluru clocked its highest-ever quarterly sales and Mumbai Metropolitan Region (MMR) saw an 11-year high.
Nilekani has been non-executive chairman of the country’s second-biggest software developer since August 2017 and is also credited with building Aadhaar, India's identity card scheme, as the first head of the Unique Identification Authority of India. He has backed companies such as Tracxn, RailYatri, ShopX, Power2SME, Ninjacart and Fortigo, and set up a venture capital fund called Fundamentum in 2017 along with Helion Ventures co-founder Sanjeev Aggarwal.
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