Vijay Shekhar Sharma's famous, super rich neighbours in Lutyens' Delhi

And he has shelled out a whopping Rs 82 crore for that.

Paytm founder Vijay Shekhar Sharma is buying a bungalow in the country's most expensive residential area -Lutyens Bungalow Zone in Delhi, as per a newspaper report. Sharma is planning to get his nameplate smartly and elegantly hung/placed outside one of the most elite bungalows at New Delhi's Golf Links, one of the prime locations in the whole of India.

Sharma said that his employees had done "600 days of work in 60 days" in the aftermath of demonetisation, helping Paytm cross 200 million users by March this year. Paytm, in which Sharma hold a 16 per cent stake, now stands as the second most valued internet enterprise after Flipkart.

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.

The transaction, if it goes through, would make Sharma the first billionaire from the "internet generation" to buy a property in the much-coveted Lutyens Zone, home to politicians and industrialists. He holds a 16 per cent stake in Paytm which is now valued at $7 billion raised $1.4 billion from Japan's SoftBank in its latest round of funding.

38-year-old Sharma was named India's youngest billionaire by Forbes earlier this year, with a net worth of $1.3 billion. The area now homes approximately 1,000 bungalows in its 3,000 acres.

According to Harun India rich list, Sharma's wealth had surged about 162 per cent last year, making him the richest entrepreneur under 40 years. He also is a majority share-holder with 51 percent ownership of Paytm Payments Banks which was launched recently.

  • Zachary Reyes