Neighborhood boasts of some top tech honchos, including Nandan Nilekani.
By Sreekanth A. Nair
Flipkart CEO Binny Bansal has purchased a house worth $5 million (Rs. 32 crore) in one of the most expensive residential areas in Bengaluru.
The 10,000-sq-ft property in Kormangala is situated near to the place where Binny started Flipkart along with Sachin Bansal, reported The Times of India.
With this deal, Bansal joined a high profile neighborhood that includes Infosys co-founders Nandan Nilekani and Kris Gopalakrishnan, along with Dr. Devi Shetty and Rajeev Chandrasekhar.
Flipkart co-founder Sachin Bansal also stays near Bansal’s new house. He bought his house some years back after liquidating some of his shares in the company.
Binny Bansal availed home loans from two private banks to finalize the deal.
Both the Bansals have a stake of 7 percent each in the leading e-commerce platform in India. Their stake is valued around at $700 million each as per recent valuation figures.
Binny bought the property from the Iqbal family who lived in the house for a long time. He is said to have paid the highest amount as stamp duty in one of the biggest deals in the tech city. According to the report, commercial real estate service provider JLL managed the transaction for Binny Bansal.
The Koramangala area is considered as the center of entrepreneurs and high-profile businessmen who have made fortunes. The traditionally wealthy people of the city are mostly located in areas like Fairfield Layout off Race Course Road and Sadhashivanagar.
India’s biggest e-retailer Flipkart is one of the earliest startups of the country. The success story of Flipkart has triggered a boom of startups in India. The company which is valued at $10-billion had a valuation of $15 billion during its peak time.
Binny Bansal took over as the CEO and Sachin Bansal assumed the post of executive chairman of Flipkart earlier this year as part of a management reshuffle.
Though Flipkart continues to be the e-commerce leader of India, it faces tough competition from US giant Amazon which is widening its hold in the country with huge investment.