Representative Image. (Source: Wikimedia Commons)
TVS Motor Company Limited has bought a bungalow in Bengaluru’s Billionaire Street Koramangala for Rs 65 crore, documents accessed by Zapkey.com showed.
The property is situated in 3rd Block, Koramangala, Bengaluru. The land area is 9,488 square feet (sq ft), and super built-up area is 3,923.60 sq ft.
The seller is Ravi Khemka. TVS Motor Company was represented by its Vice President - Legal/Authorised Representative, R Murali, the sale deed showed.
The document was registered on December 19, 2022.
TVS Motor Company Limited did not respond to queries.
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In September last year, NRJN Family Trust established by Nandan M Nilekani, Co-founder and Chairman of Infosys, had bought a property in Bengaluru’s Billionaire Street Koramangala area for Rs 59 crore.
The property has a total built-up area of 4,200 sq ft and is situated on the 3rd Block of Koramangala Extension. The plot area is around 9,600 sq ft, the sale deed showed.
The NRJN Family Trust was represented by its corporate trustee, Entrust Family Office Legal and Trusteeship Services Pvt Ltd. The deal was registered on September 26, 2022.
In April 2022, the NRJN Family Trust had bought a property for Rs 58 crore in the same area. The property was spread over 9,600 sq ft and has a built-up area of 3,082 sq ft.
Given the limited supply of plots and independent houses in this block in Koramangala, it has high demand from ultra-high net worth individuals (UHNIs), said real estate experts.
The trust is owned by Nilekani and his family. Nilekani was estimated by Forbes to have a net worth of $3 billion.
Koramangala’s 3rd Block is considered to be one of the richest enclaves in India’s IT capital, which is home to tech giants such as Infosys and Wipro, apart from start-ups.
Some of the country’s most successful entrepreneurs have homes in Koramangala 3rd Block, according to local brokers. Among them are Devi Prasad Shetty of Narayana Health, and Flipkart founders Sachin Bansal and Binny Bansal.
Of the six blocks in the area, the 3rd Block is the most expensive because of the larger plot sizes and the fact that it is inhabited by billionaires, brokers said. Bungalows that are spread across 4,000 sq. ft. command a price of about Rs 25,000 per sq ft, they said.