Vijay Shekhar Sharma buys $12.7mn Lutyens home, marking entry into India's big league

Vijay Shekhar Sharma, the founder of digital payment firm Paytm, is all set to buy a residential property at New Delhi's Golf Links, one of the country's most expensive real estates.

The 6,000-sq-ft property in the Lutyens' zone is said to be worth Rs 82-crore ($12.7-million), a substantial advance of which has been paid by Sharma after signing an MoU. However, the transaction is not yet registered.

Sharma would be building a new home on the plot.

The founder holds around 16% stake in Paytm after the recent $1.4 billion funding raised by the company from Japan's SoftBank, post which it has been valued at $7-billion.

Sharma also holds 51% of Paytm Payments Bank business.

Having gotten into the Forbes list for being the youngest Indian billionaire, Sharma has a net worth of $1.3 billion, which took a huge leap of 162% last year, making him the richest entrepreneur under the age of 40.

Talking of the Lutyens' zone, the premium real estate covers about 3,000 acres and houses around 1,000 bungalows. However, not more than 70 of them can be up for private use.