Ajit Jain, vice-chairman of insurance operations at Berkshire Hathaway, has purchased a 7,400 sqft apartment in Gurugram for around Rs 85 crore.
Jain, a close confidant of Berkshire Hathaway Chairman Warren Buffett, bought the apartment at DLF The Camellias, an Economic Times report mentioned, citing three people familiar with the matter. The report added that Jain, who mostly lives outside India, recently travelled to Delhi to finalise the transaction.
According to real estate experts, after the coronavirus pandemic, ultra high net worth individuals (UHNIs) prefer gated condominiums over standalone bungalows as they can use the facilities provided within the premises, the ET report mentioned.
"NRIs already contribute over 25% in the ultra-luxury portfolio of DLF and Jain is among the most prominent NRIs," a person aware of the deal was quoted as saying by ET. "The amenities offered at projects like this are the biggest draw for someone who wants to stay for a few months in India."
Gurugram's Expensive Property Deals
Gurugram has been rapidly emerging as one of the prime locations for expensive property deals in Delhi and the National Capital Region (NCR). The city recorded the costliest property deal in the Delhi-NCR real estate market last year, surpassing Lutyens Delhi for the first time. In terms of per sqft price, the city has outpaced Mumbai, reaching parity with international destinations like Dubai and London.
According to the ET report, an industrialist bought four apartments at The Dahlias, DLF's latest super luxury project, for almost Rs 380 crore, making it one of the costliest apartment deals in the country.
Also Read: Gurugram Luxury Housing Segment Gets Boost With Rs 1,600-Crore Investment From Elan Group
British businessman Sukhpal Singh Ahluwalia recently purchased an 11,416 sqft apartment for Rs 100 crore in the same project. Info-x Software Technology director Rishi Parti also spent Rs 190 crore on a 16,000 sqft penthouse in Gurugram.
Who Is Ajit Jain?
Jain is one of the most successful Indian-origin businessmen in the US. An alumnus of the Indian Institute of Technology-Kharagpur, Jain sold IBM computers before he shifted to the US to study at Harvard University. He was in his 30s, without any experience in the insurance industry, when he was hired by Warren Buffett in 1986, the Wall Street Journal reported.
Also Read: Signature Global Aims Rs 5,000 Crore Revenue From Branded Luxury Housing Project In Gurugram
Jain was running Berkshire's entire reinsurance business six months after his hiring. A risk-pricing mastermind, he has crafted policies on a range of potential events, from insuring Chicago's tallest building against terrorist attacks to helping baseball teams if star players such as Alex Rodriguez got injured. He has contributed to billions of dollars in profits for Berkshire.
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