Flipkart Chief Executive Kalyan Krishnamurthy has bought a luxury villa in East Bengaluru for over Rs 8 crore.
According to a document shared by Propstack, the villa at Adarsh Palm Retreat in Varthur Hobli has a built-up area of 4,921 sq ft and is built on a plot of 6,918 sq ft.
Ideal Palm Retreat is a gated community of 800 red-roofed Victorian villas spread over 110 acres.
Krishnamurthy, Group CEO of Flipkart Group since 2018, did not respond to emails sent by ET.
India’s growing list of self-made ultra-rich individuals is fueling the demand for luxury homes amid a boom in the startup sector.
“UHNIs (ultra-high-net-worth individuals) are actively looking to buy a new home in 2022 due to the increase in their wealth. Bhavesh Kothari, Founder, Property First, a luxury property consulting firm, said, “We are seeing an increase in inquiries and a rise in transactions for good luxury properties.
According to a report by Orios Venture, India saw 46 new unicorns in 2021, taking the number of such startups from at least $1 billion to 90. Indian startups raised $42 billion in 2021 from $11.5 billion in 2020. High valuations have made many startup founders and top executives millionaires in dollar terms.
Knight Frank said the number of UHNWIs in India grew by 11% year-on-year in 2021. Among major Indian cities, Bengaluru saw the fastest growth in the number of UHNWIs: from 17.1% in 2021 to 352. The southern city was followed by Delhi (12.4% and 210) and Mumbai (9% and 1,596).
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
Zeen is a next generation WordPress theme. It’s powerful, beautifully designed and comes with everything you need to engage your visitors and increase conversions.