Amitesh Kumar Jha, senior vice president at Flipkart, has bought a property in Adarsh palm retreat villa in a deal valued around Rs 15.5 crore. The property has a super built-up area of 4245 sq. ft. and a land area of 6300 sq. ft.
“The deal was registered in May, and a stamp duty of over Rs 79 lakh was paid,” mentioned a sales deed document shared by Zapkey. The property was bought from Subbarao Telidevara and Shobhana Krishnaswamy, directors at Lotus Pool Capital, in Varthur Hobli, Bangalore East Taluk.
Jha has been associated with Flipkart for over 12 years and is senior VP- category and marketplace which looks across functions like grocery , fashion and general merchandise for the company.
Recently super luxury homes like Adarsh Palm Retreat, Windmills of Your Mind by Total Environment and Embassy Boulevard in Bangalore have witnessed a sharp increase in prices.
“Both demand and prices have doubled up in the last one year for good societies and the demand continues to be strong with very few inventories that get lapped up quickly,” said Bhavesh Kothari, founder of Property First.
Start-up founders and company promoters looking to save on taxes have emerged as the main buyers of super luxury real estate properties after selling shares or stakes in their companies.
“The demand for luxurious residences that offer a unique living experience has been growing in the Indian market over the last few years. An increased number of high-net-worth individuals, rapid urbanisation, and rising incomes are just some of the factors contributing to that growth,” said Manoj Agarwal MD Agarwal Estates.
India’s ultra-high-net-worth individuals (UHNWI) with net worth over $30 million is estimated to rise by 58.4% in the next five years to 19,119 individuals in 2027 from 12,069 in 2022. India’s billionaire population is expected to move up to 195 individuals in 2027 from 161 individuals in 2022, showed a Knight Frank India report.