Paytm’s Vijay Shekhar Sharma first ‘internet billionaire’ to buy property in Delhi’s elite zone

Key Highlights:

• Vijay Shekhar Sharma has allegedly sealed the deal on a 6000 sq-ft property in the Lutyens’ zone, New Delhi.
• The cost of the property is approximated to Rs 82 crore or $12.7 million.
• Sharma would be one of the first ‘internet billionaires’ to buy real estate in Delhi’s elite zone.

One97 Communications owned Paytm founder and CEO, Vijay Shekhar Sharma is in the process to buy a house for Rs 82 crore ($12.7 million) at one of the country's most expensive real estates in New Delhi's Golf Links.

The downpayment on the residential property has been paid along with the signing of a Memorandum of Understanding for a 6,000 sq-ft property in the Lutyens' zone, a report by Economic Times said on Wednesday.

Sharma will now be the first 'internet billionaire' to hold a residential property in this elite real estate circle, the report added.

Although the deal has been signed it has not yet been registered, the report said.

Sharma owns 16% stake in Paytm, which is currently valued at $7 billion after its latest round of funding. Last month the company received $1.4 billion investment from SoftBank, which was propagated as the largest fund infusion in an Indian startup.

The company said it planned to invest Rs 10,000 crore (approximately $1.6 billion) over the next three to five years.

On May 23, the company had opened its first Paytm Payments bank branch in New Delhi.Unlike other payments banks Paytm said it would offer 4% interest rates on deposits.And all the money deposited in Paytm accounts would be invested in government bonds.

Sharma is also the youngest Indian billionaire to feature on the Forbes list with a net worth of $1.3 billion.

Lutyens' zone covered 3000 acres with nearly 1000 bungalows, out of which 70 were for private use.