Karza Technologies’ founder and Chief Executive Officer Omkar Shirhatti has purchased a luxury duplex apartment in Mumbai’s Khar locality for Rs 47.70 crore.
Shirhatti has bought the apartment in Samarpan Building, Off Carter Road, directly from the developer Raghuleela Estates, a subsidiary of the Wadhwa Group.
In March this year, Bangalore-based Perfios Software Solutions acquired Karza Technologies, for around Rs 600 crore. Gaurav Samdaria, another co-founder of Karza Technologies, had also recently bought a luxury sea-facing apartment in Mumbai’s Worli locality for Rs 70 crore.
Mumbai-based Karza Technologies offers solutions that enable onboarding automation, systemic fraud prevention and business intelligence enabled through its superior data engineering and deep tech applications.
Shirhatti has paid over Rs 2.86 crore as stamp duty alone for the registration of the transaction that was registered in late July, showed the documents accessed through Indextap.com. As part of the agreement, the buyer will also get exclusive access to two car parking slots.
Apart from being one of the co-founders of Karza Technologies, Shirhatti now also acts as the Chief Products Officer of Perfios Software Solutions.
Last year, digital healthcare platform PharmEasy’s co-founder Siddharth Shah also bought a premium duplex apartment spread over 5,445 sq ft on the 6th floor of the same tower Samarpan for Rs 40 crore.
Entrepreneurs and founders of technology-led start-ups that have witnessed steady rise in valuations of their companies and holdings through ESOPs are picking up luxury properties, in a bid to park their liquidity in tangible assets.
Technology investments have seen a more than three-fold increase in 2021 compared with a year ago, London-based industry tracker Preqin said. India’s start-up ecosystem has notched up record investment of nearly $36 billion in 2021, as demand for digitisation grew manifold amid the Covid-19 pandemic, compared with $11.2 billion logged during the same period a year ago, the data showed.
Property transactions in Mumbai have been setting new benchmarks for more than two years following the state government’s decision to provide a limited window stamp duty reduction starting in September 2020.
This limited period stamp duty reduction window ended in March 2021, but which proved to be a major catalyst for the city’s housing market, and the deals have continued to flow in although the benefit of lower stamp duty is not available anymore.
It scaled yet another peak by recording the best September performance in terms of registration of real estate deals and revenue collection through the stamp duty charges, despite rising interest rates and a Shraadh period that is usually considered inauspicious.
The country’s commercial capital has registered 8,628 property transactions during the month, up 11% from a year ago, while the exchequer has fetched a 39% higher revenue worth Rs 734 crore through stamp duty collections.