Two people aware of the transaction said Neha Bansal (co-founder of Lenskart eyewear retailer) had purchased a 400-square yard bungalow in Greater Kailash, Delhi’s. The purchase cost for this bungalow was Rs 22 crore.
After selling their shares or stakes in companies, startup founders and promoters who want to reduce taxes are the most prominent buyers of ultra-luxury real estate properties.
Neha Bansal (co-founder of Lenskart eyewear retailer)
After selling their shares and stakes in companies, startup founders and promoters who want to decrease taxes are the most prominent buyers of ultra-luxury real estate properties.
Entrepreneurs Siddharth Shah (founder of Pharm Easy) and Zishaanhayath (founder of Toppr.com) are just a few startup executives who have recently invested in any properties.
Greater Kailash is an independent colony. Most people who live there are looking to move up.
The colony has all the amenities nearby and is a popular choice due to its location,” Rohit Chopra (founder of Southdelhiprime.com), a boutique consulting firm.
CEO of Lenskart, Piyush Bansal, and Neha’s brother did not return calls and text messages seeking comment.
The transaction was registered in July.
Kavita Sawhney confirmed ET as the property’s owner.
Founder of Wealthvisory Capital, Pradeep Prajapati, a boutique real estate consulting firm, said that startup founders are now buying luxury properties.
This has helped the real estate market. Many people have purchased their assets, while others have taken property at DLF’s King’s Court (Greater Kailash), which is seeing traction because it is the only gated community with 57 luxury residences in this area.
Piyush Bansal started the company and now has more than 900 stores in India. It plans to increase that number up to 1,000 by March.
After last year’s funding round, the company inflates into the Middle East and Southeast Asia.
After receiving $231 million from SoftBank Vision Fund II, Lens kart was able to join the unicorn club in the year 2019.
Dipesh Garg, director at Sand advisory, a boutique consultancy firm based in Delhi, stated South Delhi buyers often wait for the right property.
“After Covid, there was a demand for larger space, and many residents have upgraded.
Section 54F of the Income Tax Act 1961 allows for long-term capital investment, including those resulting from the sale of stakes in startups or the transfer of equity shares (listed or non-listed), if the gains can be invested in residential property.
The current purchase of properties by high-net-worth individuals (HNIs) from all walks of the spectrum has shown their increasing wealth and earnings.
This list includes promoters like the vice chairman of Bharti Enterprises, Bajaj Electricals vice chairman Rajan Bharti Mittal and his family; Shekhar Bajaj, Siddharth Jain, Siddharth Jen of Inox; Pooja Dhoot (wife of Anirudh Dhoot), Shailesh Dalmia with his wife Natasha; as well as Anil Gupta, KEI Industries promoter and KEI Industries director Anil Gupta.