Big-ticket luxury real estate deals are rising in India, especially over the years 2020 to 2022. Several Billionaires and Millionaires, among other ultra-high-net-worth individuals and high-net-worth individuals, have been investing in prime real estate throughout the country. These purchases often make headlines because the properties are extravagant and cost crores of rupees. So, in this article, we will explore the real estate purchases of Billionaires and Millionaires in 2021-2022.
Big-ticket Purchases by Billionaires and Millionaires in 2021-2022
Nandan M Nilekani
Nandan M Nilekani, the co-founder and chairman of Infosys, established the Nilekani family trust. According to the reports, the NRJN Family Trust has bought a property in the Koramangala area for Rs. 59 crore. The property is located on the 3rd Block of Koramangala Extension and has a total built-up area of 4,200 sq. ft. The sale deed showed that the plot area is around 9,600 sq. ft.
Entrust Family Office Legal and Trusteeship Services Pvt Ltd represented the NRJN Family Trust. The deal was registered on September 26, 2022, and Nilekani and Rajmohan Krishnan are the authorised signatories on the sale deed.
In April 2022, the NRJN Family Trust bought a property for Rs. 58 crore in the same area. The property is 9,600 sq. ft. in size and has a built-up area of 3,082 sq. ft.
Radhakishan Damani, one of India's richest billionaires, owns the second costliest property in South Mumbai. In one of the biggest real estate deals in 2021, he purchased a 5,752 square metre unit for a mind-boggling Rs. 1,001 crore! Damani quickly moved up in the billionaire rankings, thanks to the surge in DMart share prices throughout the lockdown. He was also the 8th richest billionaire on the 2021 Hurun Rich List, with an estimated net worth of $14.5 billion or roughly Rs. 1 lakh crore!
Damani already owns a luxurious home in South Mumbai's Altamount Road. This property was jointly owned by Varsha Mehta, Saurabh Mehta, and Jayesh Shah previously. Damani paid a whopping Rs. 30 crore in stamp duty alone for his purchase on March 31, 2021.
Gopal Srinivasan, Chairman and Managing Director (MD) of TVS Capital Fund, bought a luxury residential property in Bengaluru worth Rs. 15 crore. The property is located at Rest House Crescent Road and covers a total area of 6,336 square feet (sq. ft.) with 2,000 sq. ft. of built-up area. According to the deed document, it also includes a dwelling house, outhouses, and a garage.
Kaveri Warriar, Vijay Warriar, and Sudha Thimmaiah are the sellers. The sale document mentions that the transaction happened in November, and the buyer paid Rs. 73 lakh in stamp duty.
Anil Gupta, promoter of KEI Industries Ltd, a housing wire and cable manufacturer, has bought a 2,000-square-yard property in Delhi's posh Shanti Niketan area for Rs. 140 crore. The sale deed was executed on October 8, 2021, and the buyer paid a stamp duty of Rs. 8.40 crore.
KEI Industries Ltd was founded in 1968 as a partnership firm. In 1992, it was converted into a public limited company and listed on the stock exchanges in 1995. The company manufactures various types of cables, house wires, and stainless steel at its manufacturing facilities in Chopanki, Bhiwadi, Pathredi, and Silvassa.
Sukumar Srinivas, the owner of Shankara Building Products Ltd, bought two properties in Bengaluru's posh Koramangala area for Rs. 44.60 crore.
Srinivas sold over 10 lakh company shares for Rs. 75 crore in an open market transaction on March 21, 2022. According to NSE block deal data, he sold 10 lakh shares at an average price of Rs. 755 per share. This brought the total deal value to Rs. 75.50 crore.
On 4th May 2022, the first property worth Rs. 22.30 crore was registered. The plot measures 5,400 sq. ft. and has a built-up area of 1,800 sq. ft. According to the sale deed, he paid a stamp duty of Rs. 1.24 crore on the property.
His wife, Parwathy Srikanth Mirlay, bought the second property. The total area is 5,400 sq. ft., with a built-up area of 2,172 sq. ft. A stamp duty of Rs. 1.24 crore was paid for the deal. On May 4, the property was registered.
Deals like these are just the tip of the iceberg. Several other transactions are making headlines in the Indian real estate market, particularly among Indian billionaires and millionaires! Cheers to more growth in the industry ahead!
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