Flipkart CEO buys luxury villa: Why celebs are making a beeline for Bengaluru properties

Flipkart's CEO Kalyan Krishnamurthy’s wife Soumya Narayanan bought a villa for Rs. 8 crore in Bengaluru.

Flipkart chief executive Kalyan Krishnamurthy's wife Soumya Narayanan, recently bought a luxury villa in East Bengaluru for more than Rs. 8 crore, according to reports.

Demand for luxury homes in Bengaluru seems to be increasing with more high-net-worth individuals in the city. (Reuters image)(REUTERS)

The villa is situated at Adarsh Palm Retreat in Varthur Hobli, which is a gated community of 800 red-roofed ‘Victorian’ villas, spread over a 110 acres. The trend of tech entrepreneurs snapping up luxury residences continues in the startup capital of India, Bengaluru.

The Adarsh Palm Retreat on the Marathahalli Outer Ring Road, is a residential enclave that is home to Bengaluru’s top startup founders. The villa reportedly has four bedrooms, five bathrooms, dual kitchens and puja, living, dining, family, office and media rooms along with a garage and a utility room.

Adarsh Palm has attracted eyes of several unicorn tech entrepreneurs, who have also bought villas priced between Rs. 4.5 crore to Rs. 8 crore.

Bengaluru is home to many popular startups due to its ease of conducting business. For Instance, Swiggy, Oyo, Zomato, Bounce, Yulu, BigBasket and Cure.Fit, to name a few.

According to reports, luxury properties in Bengaluru are bought more by younger, self-made UHNIs (ultra-high-net-worth individuals), unlike Mumbai, which is said to be still dominated by businessmen and top executives at companies.

Reports said demand for luxury homes is being driven by a boom in India’s self-made ultra-rich individuals amid a boost in the startup sector.

Luxury housing is now made available by projects like the Tata Promont and the Prestige Golfshire. Upcoming projects in Bengaluru are expected to invite more high-net-worth individuals to buy their next home in the city. Next to the Embassy Manyata Business Park, a project called Karle Town Center has been proposed. It is a mixed use project with one residential building, Karle Zenith, completed so far.

The proposed Karle Town Center in Bengaluru, a project designed by UN Studio. (Pic source: Chandrashekhar Dhage Twitter)

Koramangala, HSR and Indiranagar are said to be the preferred locations for a property haul in Bengaluru. However, areas that are still developing, like the Kanakpura main road stretch, is said to be a more affordable buy with large returns.