The start-up ecosystem in India is booming. With big money reeling in, high-earning executives of start-ups are looking to invest in appreciating assets. The booming real estate market has become an attractive destination to park their capital. Now, Omkar Shirhatti, co-founder of Karza Technologies, is reported to have bought a luxury apartment in Mumbai worth Rs 47.70 crore. According to documents accessed by IndexTap.com, the 6,832 sq. ft. apartment is located in the Samparan Building of the Khar West area of the city. The project usually offers 3/4 BHKs and duplex residences.
The agreement signed by the homebuyer will also accord him exclusive access to two car parking slots.
Shirhatti has spent over Rs 2.86 crore on just stamp duty alone for the transaction registration, which took place in late July, reported ET.
Shirhatti’s house in the nation’s commercial capital is also a testament to the city’s growing real estate potential. Mumbai registered 8,628 property transactions during the month, fetching a 39% higher revenue in the sector compared to last year. The city has earned Rs 734 crore through stamp duty collections.
The growing need for digitisation amid the spread of COVID-19 led to India’s start-up ecosystem receiving a record investment of nearly $36 billion in 2021. Pioneers of tech-oriented start-ups have witnessed a consistent rise in their companies and holdings via Employee Stock Ownership Plans (ESOP). Individuals are looking to invest their newly acquired funds in luxury real estate, a great asset at the moment. The luxury real estate market in Mumbai had long been dominated by established industrialists and film stars but the start-up executives have also been catching up of late.
From digital payments to fashion websites to medicine-delivery companies, there is a wealth of unique solutions, all empowered by cutting-edge technology. Given the massive force behind digitisation, it comes as no surprise that tech companies and start-ups are raking in the green.
Omkar Shirhatti was one of the brains behind the success of Karza Technologies, a firm that offers solutions directed towards systemic fraud prevention and enabling onboarding automation, amongst other services. The company was acquired by Bangalore-based Perfios Software Solutions for close to Rs 600 crores in March. Shirhatti now acts as the Chief Products Officer of this firm.