Bengaluru: Chief Executive Flipkart Kalyan Krishnamurthy Soumya Narayanan has bought a luxury villa for ₹ 8.04 Crore in Adarsh ​​Palm Retreat, a housing bag which is home to founder of startup over Bengaluru.

Narayanan bought 4,921 square kilometers in the villa on the outskirts of Bengaluru in a resale transaction from Vijay and Nisha Israni. Krishnamurthy is in a villa on the property, according to documents accessed by Zapkey, which collects publicly available property registration data.

The selling certificate was run on March 4. Mint has reviewed a copy of the document.

A flipkart spokesman did not respond to the question.

Palm Retreat is a very sought-after housing project in Bengaluru, developed by city-based Adarsh ​​developers. It has 800 villas spread across 110 hectares, right on the outer ring road, and close to large business parks and e-commerce companies and leading foods such as Flipkart, Swiggy and MyNtra.

In the last two years, the project, which has no stock ready, has seen many upper-class resale transactions led by the founder of startup, making Palm Retreat residence choices for high-tech city entrepreneurs.

According to data collected by Zapkey, based on transactions, Acharya Amrit, Co-Founder and CEO of Zetwerk; Srinath Ramakkrushnan, Zetwerk Co-Founder; Vidit Aatrey, Co-Founder Meeesho; Sourjyendu Medda, Dealshare founder; Sumit Maniyar, Founder and Rupeek CEO; And Karthik Vugane, NetApp India’s executor director has bought property in the project.

The sale of luxury residence in Bengaluru lately to some extent has been led by younger and high-value individuals, unlike Mumbai, which is dominated by employers and executives of the company’s top.

“The Retreat Palm project is built in three phases and always looks very popular. All transactions in the past two years are resale offers. We now have a new project, ‘Adarsh ​​Sanctuary’, with 150 villas from Sarjapur Road, which will be ready in two year. Villas are given a price of around ₹ 3.5 crore, “said BM Jayeshankar, Chair and MD, Developer Adarsh.

In the past five years, ultra-rich Bengaluru population grew by 22.7%, from 287 in 2016 to 352 in 2021.

According to the attitude survey, part of the wealth report, 29% of Indian UHNWI’s wealth was allocated for the purchase of the main and second house. The Bengaluru property market sells around 600 villas every year, including primary and secondary transactions, with a median value ₹ 3 crore. “Villas in Bangalore always see high demand, but almost no fresh inventory today. Not many developers are up to build new villa projects, and some new ones far from the city,” said Vinod Menon, Director and Head of Property Citrus Executive Pvt . Ltd. Citrus has three villa projects in Hennur, Jakkur and my referral, where the units are given a price below ₹ 2 crore. Apart from my reform project, the villas sold out in two other projects.