Construction Industry News
The NRJN Family Trust, founded by Infosys Technologies co-founder and non-executive chairman Nandan Nilekani, has purchased a property for approximately Rs 590 million, making it one of the largest real estate transactions in Bengaluru.
The property, of 9,600 sq.m with a total built area of 4,200 sq.m, is located on 3rd Block, Koramangala Extension. The deal was registered on September 26, according to the registration document shared by ZapKey. The property was previously owned by Sumnesh Kumar.
Nilekani already owns another property in Koramangala 3rd block, the area is known as the boulevard of billionaires. In April this year, the NRJN Family Trust had purchased a property for Rs 580 million in the same area. The property is spread over 9,600 m² and has a built-up area of 3,082 m².
India's tech capital is seeing increasing investment in second homes by ultra-high-net-worth individuals (UHNIs) as the residential segment has seen a sharp recovery since the Covid-19 outbreak.
According to real estate consultants Knight Frank, 29% of Indian UHNI's wealth is allocated to the purchase of housing. One of the major deals recently struck in Bengaluru was SGK Investment Trust, the family office of Kris Gopalkrishnan, which acquired two properties in the Koramangala area for nearly Rs 760 million. Gopalkrishnan is also a co-founder and former CEO of Infosys. The executive chairman of Quess Corp, Ajit Isaac, bought a bungalow in Koramangala for almost Rs 520 million and Raja Bagmane acquired a house with a built-up area of 3,400 square meters for Rs 400 million.
Nilekani has been the non-executive chairman of the country's second largest software developer since August 2017 and is also credited with building Aadhaar, India's identity card scheme.
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