Paytm CEO Vijay Shekhar Sharma To Buy $12.72 Mn Lutyens’ Bungalow

Paytm CEO Vijay Shekhar Sharma To Buy $12.72 Mn Lutyens’ Bungalow

SUMMARY

Vijay Shekhar Sharma Has Already Signed MoU For The Lutyens' Bungalow

Paytm CEO Vijay Shekhar Sharma – after proclaiming the crowned glory in digital payments, has now reached Lutyens’. Reportedly, he is buying a $12.72 Mn (INR 82 Cr) worth 6,000 ft. residential property.

Lutyens’ Delhi, named after the British architect Edwin Lutyen, is a very (very) expensive zone in Delhi. As per Wikipedia, the Lutyens’ Bungalow Zone (LBZ)” covers an area of about 26 square kms. All the land and buildings in Lutyens’ belongs to the central government, except for 254.5 acres, which is available for private use.

At present, the real estate prices are running real-time low value. Thus, Vijay Shekhar Sharma is said to have got the best price for the deal at Lutyens’. Earlier, Dabur Group’s V C Burman purchased a bungalow in Lutyens’ for $24.82 Mn (INR 160 Cr). Also, the BPTP promoters sold a 575 sq. yards asset for $10.08 Mn (INR 65 Cr) in 2015 at Lutyens’, according to media reports.

The property has not been registered yet. But, per se reports, a substantial amount of advance has already been paid by Vijay Shekhar after signing an MoU. Global property consultants CBRE is an adviser to the transaction deal at Lutyens’.

As Jawaharlal Nehru once said – “Life is like a game of cards. The hand you are dealt is determinism; the way you play it is free will.” And Vijay Shekhar Sharma has indeed played his cards real well.

An Indian middle-class family boy, Vijay Shekhar till now has been fear free after every fall life gave him – be it the initial losses in Paytm parent company One97 Communications, or family pressures pushing him to pick up a job. Today, he stands on the cusp of the digital revolution with Paytm wallet at one, and Paytm Payments Bank and Paytm ecommerce at another.

Paytm is now backed by two major global investors – Alibaba and Softbank. Softbank recently infused $1.4 Bn funds in Paytm at a valuation of $7 Bn. With this Vijay Shekhar Sharma’s shareholding in Paytm dropped to 16%. Besides, he holds 51% stake in Payments Bank.

As an individual Vijay Shekhar Sharma has already replaced Flipkart’s Bansal duo from Forbes Billionaire List 2017, with a net worth of $1.3 Bn. He also got listed in TIME Magazine’s list of ‘100 Most Influential People‘ today along with Prime Minister Narendra Modi in April 2017. Prior to this, Vijay Shekhar Sharma also managed to gatecrash the Indian billionaire’s club in the Hurun’s list with a net worth of $1.5 Bn.

Just last year, Flipkart co-founder Binny Bansal bought a $5 Mn property in Bengaluru’s Koramangala.

The entry of an Internet billionaire in the Lutyens’ owner’s wing says a lot. ‘Digital India’ is now the dream of many. And the success of entrepreneurs like Paytm CEO Vijay Shekhar Sharma is just like adding wings to these dreams.

The development was first reported by ET.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Paytm CEO Vijay Shekhar Sharma To Buy $12.72 Mn Lutyens’ Bungalow-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Paytm CEO Vijay Shekhar Sharma To Buy $12.72 Mn Lutyens’ Bungalow-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Paytm CEO Vijay Shekhar Sharma To Buy $12.72 Mn Lutyens’ Bungalow-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Paytm CEO Vijay Shekhar Sharma To Buy $12.72 Mn Lutyens’ Bungalow-Inc42 Media
Paytm CEO Vijay Shekhar Sharma To Buy $12.72 Mn Lutyens’ Bungalow-Inc42 Media
You’re in Good company