Flipkart Group chief executive Kalyan Krishnamurthy’s wife Soumya Narayanan has bought a luxury villa for ₹8.04 crore in Adarsh Palm Retreat, a residential enclave that is home to Bengaluru’s top startup founders.
Narayanan bought the 4,921 sq. ft villa in suburban Bengaluru’s Bellandur area in a resale transaction from Vijay and Nisha Israni. Krishnamurthy resides in a villa at the property, according to documents accessed by Zapkey, which aggregates publicly available property registration data.
The sale deed was executed on 4 March. Mint has reviewed a copy of the document.
A Flipkart spokesperson didn’t respond to queries.
Palm Retreat is a much-sought-after residential project in Bengaluru, which was developed by city-based Adarsh Developers. It has 800 villas sprawled over 110 acres, right on Outer Ring Road, and is close to large business parks and offices of prominent e-commerce and food delivery companies such as Flipkart, Swiggy and Myntra.
In the past two years, the project, which has no ready stock available, has seen a slew of high-end resale transactions led by startup founders, making Palm Retreat a choice residence for the city’s high-profile tech entrepreneurs.
According to data collated by Zapkey, based on the transactions, Amrit Acharya, co-founder and CEO of Zetwerk; Srinath Ramakkrushnan, co-founder of Zetwerk; Vidit Aatrey, co-founder of Meesho; Sourjyendu Medda, founder of DealShare; Sumit Maniyar, founder and CEO of Rupeek; and Karthik Vugane, managing director of Netapp India have bought properties in the project.
The sale of luxury residences in Bengaluru in recent times to an extent has been led by younger, self-made high-net-worth individuals, unlike Mumbai, which is dominated by businessmen and top executives of firms.
“The Palm Retreat project was built in three phases and it has always seen great demand. All the transactions in the past two years were resale deals. We now have a new project, ‘Adarsh Sanctuary’, with 150 villas off Sarjapur Road, which will be ready in two years. The villas are priced at around ₹3.5 crore,” said B.M Jayeshankar, chairman and MD, Adarsh Developers.
In the last five years, Bengaluru’s ultra-rich population grew by 22.7%, from 287 in 2016 to 352 in 2021.
According to the Attitude Survey, a part of the Wealth Report, 29% wealth of Indian UHNWIs is allocated towards the purchase of principal and second homes. The Bengaluru property market sells around 600 villas annually, including primary and secondary transactions, with a ₹3 crore median value. “Villas in Bangalore have always seen high demand, but there is hardly any fresh supply today. Not many of the top developers are constructing new villa projects, and a few of the new ones are away from the city,” said Vinod Menon, director and chief executive Citrus Properties Pvt. Ltd. Citrus has three villa projects in Hennur, Jakkur and Yelahanka, where the units are priced below ₹2 crore. Apart from the Yelahanka project, the villas are sold out in the other two projects.
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