Flipkart CEO buys Rs 8 crore luxury villa in East Bengaluru

Flipkart Chief executive officer (CEO) Kalyan Krishnamurthy has bought a luxury villa in East Bengaluru worth over Rs 8 crore. According to Propstack, the built-up area of the villa at Adarsh Palm Retreat in Varthur Hobli is 4,921 sq ft and has been constructed on a plot measuring 6,918 sq ft. The luxury villa, Adarsh Palm Retreat, is a gated community of 800 red-roofed Victorian villas spread across 110 acres. India’s growing list of self-made ultra-rich individuals amid a boom in the startup sector is pushing demand for luxury housing. Bhavesh Kothari, Founder of Property First, told the media that ultra-high-net-worth individuals (UHNWIs) are actively looking to buy a new home in 2022 due to an upsurge in their wealth. He added that the real estate sectors are witnessing increased transactions for good luxury properties. According to an Orios Venture report, India witnessed 46 new unicorns in 2021, taking the number of startups with a valuation of a minimum of $1 billion to $90 billion. Last year, Indian startups raised $42 billion, up from $11.5 billion a year ago. These fundings at high valuations have made many startup founders and CEOs multi-millionaires in terms of the dollar. According to Knight Frank, UHNWIs in India rose by 11% year-on-year (YoY) in 2021. Among the key Indian cities, Bengaluru witnessed the fastest growth of Ultra-high-net-worth individuals (UHNWIs), up 17.1% to 352 in 2021. It was followed by Delhi, up by 12.4% and 210, and Mumbai by 9% and 1,596. Image Source Also read: SKA Group will invest Rs 400 cr in luxury housing project in Noida