, who came into a fortune following the acquisition of
, is using at least some of that money to buy more property.
The homegrown ecommerce site’s co-founder has inked deals to buy two residential properties in the upmarket locality of Koramangala in Bengaluru for about Rs 45 crore, according to people familiar with the matter.
Bansal already resides in Koramangala in his own place, in an area often described as the boulevard of billionaires. Among other self-made billionaires owning homes in this area are Infosys co-founders 5,000 sqft. He’s paying Rs 44,000 per sqft and Rs 38,000 per sqft, respectively, for them.
Bansal, who is estimated to have received $1 billion (pre-tax) when he exited Flipkart, declined to comment when asked by TOI Nandan Nilekani and Kris Gopalakrishnan, Narayana Health founder Dr Devi Shetty, and BPL Mobile founder Rajeev Chandrasekhar.
Bansal’s two new plush properties are of 5,800 sqft and about the investments. He bought his existing property a few years ago when he liquidated some shares in Flipkart during the valuation boom.
Bulge-bracket deals have become far more common in Bengaluru’s residential market in the last few years. The mega deals are spurred by industrialists and new-age entrepreneurs. Koramangala and Lavelle Road, in the city centre, have been the preferred choices for the nouveau rich.
Bansal’s co-founder in Flipkart, Binny Bansal, had purchased a 10,000-sqft property in Koramangala for Rs 32 crore three years ago. Bengaluru’s traditionally wealthy folk are mostly located in the heart of the city, in areas like Fairfield Layout off Race Course Road and Sadhashivanagar.