CBRE the largest real estate consultants have closed the deal to Paytm founder and digital entrepreneur Vijay Shekhar Sharma in buying a Rs 82-crore ($12.7-million) residential property at New Delhi’s Golf Links, one of the country’s most expensive real estates.
Sharma has already paid a substantial advance after signing an Memorandum of Understanding (MOU) for a nearly 6,000-sq-ft property in the Lutyens’ zone, though the transaction is not registered yet. The man behind India’s second most valued internet enterprise, after Flipkart, plans to build a new home on the plot.
Lutyens’ Delhi is an area in New Delhi, India, named after the British architect Edwin Lutyens (1869–1944), who was responsible for much of the architectural design and building when India was part of the British Empire in the 1920s and 1930s. This also includes the Lutyens Bungalow Zone (LBZ).
Prominent Buisnessmen residing in this area are Laxmi N Mittal, KP Singh, Sunil Mittal, CK Birla, the Burmans, Shashi and Ravi Ruia, Malvinder and Shivinder Singh, Analjit Singh, Atul Punj, and Hari Bhartia
Sharma’s peers and Flipkart co-founders, Binny and Sachin Bansal, have also made multi-million dollar residential investments in Bengaluru in the recent past.
When contacted, a spokesperson of the Noida-based Paytm declined to comment on the matter. Global property consultants CBRE, an adviser to the transaction, could not be reached for comments immediately.
Sharma holds around 16% stake in Paytm after the company recently raised $1.4 billion from Japan’s SoftBank at $7-billion valuation. This was one of the largest fund infusions in an Indian startup, which has seen a significant deceleration in the funding frenzy. Sharma is also a majority shareholder in Paytm Payments Bank with a 51% ownership.
Sharma is the youngest Indian billionaire in the Forbes list with a net worth of $1.3 billion. According to Harun India rich list, Sharma’s wealth had surged about 162% last year, making him the richest entrepreneur under 40 years.
Sharma’s buy isn’t a really a big one in Delhi’s elite real estate circles, but marks the entry of an internet billionaire into Lutyens’ zone. The influential cluster covers about 3,000 acres with around 1,000 bungalows, out of which only about 70 are for private use. Real estate experts said Sharma was striking a reasonable deal as bungalow acquisitions have slowed down in recent quarters.
Dabur Group’s V C Burman purchased a bungalow in Golf Links for Rs 160 crore, while BPTP promoters sold a 575-sq-yard asset for Rs 65 crore in 2015, according to media reports.
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