NRJN Family Trust buys residential property worth Rs 59 crore in Bengaluru

October 11, 2022
NRJN Family Trust buys residential property worth Rs 59 crore in Bengaluru

The NRJN Family Trust established by Nandan Nilekani, cofounder and non-executive chairman of Infosys Technologies, has bought a residential property for about Rs 59 crore in one of the largest property transactions in the country’s tech capital.

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, Bengaluru.

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 document mentioned. The area is popularly known as the boulevard of billionaires.In April this year, the NRJN Family Trust had bought a property for Rs 58 crore in the same area. The property was spread over 9,600 square feet 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 in the country.

According to property consultants Knight Frank, 29% of the wealth of Indian UHNIs is allocated toward 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 76 crore. Gopalkrishnan is also an Infosys cofounder and former CEO. Quess Corp. executive chairman Ajit Isaac bought a bungalow in Koramangala for nearly Rs 52 crore and Raja Bagmane acquired a residential property with 3,400 sq ft built up area for Rs 40 crore.

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, as the first head of the Unique Identification Authority of India. He has backed companies such as Tracxn, RailYatri, ShopX, Power2SME, Ninjacart and Fortigo, and set up a venture capital fund called Fundamentum in 2017 along with Helion Ventures co-founder Sanjeev Aggarwal.

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