Lenskart CEO’s fancy Delhi property purchase for Rs. 18 crore is making headlines in real estate, showing how business leaders are into luxury investments.
Lenskart has a vast footprint in India, with over 900 stores, and has plans to expand to 1,000 stores by the end of March. Moreover, the company has ventured into the Middle East and Southeast Asia following a successful funding round last year.
Peyush Bansal, the co-founder and CEO of Lenskart, a famous eyewear retailer, has invested in a huge property in Delhi’s Neeti Bagh worth Rs 18 crore.
The property acquisition includes the basement and ground floor of a spacious 813-square-yard property, with stamp duty and corporation taxes amounting to Rs. 1.08 crore, as per documents accessed through CRE Matrix, a data analytics firm.
Interestingly, this isn’t the Bansal family’s first venture into the Delhi real estate market. Last year, Neha Bansal, Lenskart’s co-founder and Peyush’s sister, made headlines by purchasing a 400-square-yard bungalow in Delhi’s Greater Kailash for a massive Rs. 22 crore.
According to insiders, the remaining three floors and the Neeti Bagh property terrace were acquired by a South Delhi-based builder for around Rs 35 crore in separate transactions. It’s rumoured that this builder intends to redevelop the property and sell the individual floors. Already, a portion has been sold to Peyush Bansal.
In South Delhi, where finding new properties is a challenge, it’s common for builders to take on old properties for redevelopment and sell them at a premium.
This trend of entrepreneurs, especially those from the startup world, investing in luxury properties is rising. Figures like Siddh of PharmEasy, Zishaan Hayath, founder of Toppr.com, and Aman Gupta, co-founder of boAt, have recently ventured into property investments.
Startup founders purchasing luxury properties are changing the real estate landscape and boosting the sector. Many have opted for independent assets, while others have invested in properties within gated communities like DLF’s King’s Court in Greater Kailash and DLF Golf Links in Gurgaon, as noted by industry experts.