The NRJN Family Trust, established by Infosys Technologies cofounder and non-executive chairman Nandan Nilekani, has bought a residential property for about Rs 590 million, making it one of the largest property transactions seen in Bengaluru.
The property, measuring 9,600 sq ft with a total built up area of 4,200 sq ft, is situated at 3rd Block, Koramangala Extension. The deal was registered on September 26, as per the registry document shared by ZapKey. The property was earlier 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 bought a property for Rs 580 million in the same area. That property is spread over 9,600 sq ft and has a built-up area of 3,082 sq ft.
The tech capital of India is increasingly seeing investment in second homes by ultra-high net worth individuals (UHNIs) as the residential segment has witnessed a sharp recovery since the Covid-19 outbreak.
According to property consultants Knight Frank, 29% of the wealth of Indian UHNIs is allocated to the purchase of residential property. Among the large deals closed recently in Bengaluru was SGK Investment Trust, the family office of Kris Gopalkrishnan, acquiring two properties in the Koramangala area for nearly Rs 760 million. Gopalkrishnan is also an Infosys cofounder and former CEO. Quess Corp executive chairman Ajit Isaac bought a bungalow in Koramangala for nearly Rs 520 million and Raja Bagmane acquired a residential property with 3,400 sq ft built-up area for Rs 400 million.
Nilekani has been non-executive chairman of the country’s second-biggest software developer since August 2017 and is also credited with building Aadhaar, India's identity card scheme.
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