kalyan krishnamurthy: Flipkart CEO Kalyan Krishnamurthy buys luxury villa in East Bangalore

The villa at Adarsh Palm Retreat in Varthur Hobli has a built-up area of 4,921 square feet and is constructed on a plot measuring 6,918 square feet, according to a document shared by Propstack.

Adarsh Palm Retreat is a gated community of 800 red-roofed Victorian villas, spread over 110 acres.

Krishnamurthy has been the group CEO of the Flipkart Group since 2018, did not reply to an email sent by ET.

India’s growing list of self-made ultra-rich individuals amid a boom in the startup sector is driving demand for luxury homes.

“UHNIs (ultra-high-net-worth individuals) are actively looking to buy a new home in 2022 due to an increase in their wealth. We are seeing an increase in enquiries and are witnessing increased transactions for good luxury properties,” said Bhavesh Kothari, founder of Property First, a luxury property consulting firm.

According to an Orios Venture report, India saw 46 new unicorns in 2021, taking the number of such startups with a valuation of at least $1 billion to 90. Indian startups in 2021 raised $42 billion, up from $11.5 billion in 2020. These fundings at high valuations have made many startup founders and top executives multimillionaires in dollar terms.

The number of UHNWIs in India grew by 11% YoY in 2021, Knight Frank said. Among key Indian cities, Bengaluru witnessed the fastest growth in the number of UHNWIs: up 17.1% to 352 in 2021. The southern city was followed by Delhi (12.4% and 210) and Mumbai (9% and 1,596), it said.