Checkout Budget Highlights 2023NRJN Family Trust set up by Nandan M Nilekani, co-founder and chairman of Infosys, has sold a property in Bengaluru’s Billionaire Street Koramangala area for Rs 54.70 crore, documents accessed by Zapkey.com showed.
The plot area is 9,488 sq ft. The sale deed was registered on January 30, 2023, as per the documents.
The buyer V Seetha is the wife of C Valliappa, an industrialist and the founder of Sona Valliappa Group (an extension of The Sona Group). NRJN was represented by Sreepriya Nellicherry Sivaraman.
There was no response from the buyer or the seller.
The Trust had bought the property for Rs 39.85 crore from Shriram Murali in December 2019.
In September last year, NRJN Family Trust had bought a property in the same area for Rs 59 crore. The property had a total built-up area of 4,200 sq ft and the plot area was around 9,600 sq ft.
In April last year, the NRJN Family Trust had bought a property for Rs 58 crore in the same area. The property was spread over 9,600 square feet 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, 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 Third 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 startups.
Some of the country’s most successful entrepreneurs have homes in Koramangala Third 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 Third 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 just about Rs 25,000 per sq. ft., they said.
In January 2022, Sriram Nadathur, son of Infosys co-founder NS Raghavan, sold a residential property in Koramangala Third Block for Rs 11.6 crore.
In August 2021, Infosys co-founder Kris Gopalakrishnan bought two properties worth Rs 76 crore in the area.