Innov8 founder Ritesh Malik buys Golf Links bungalow for ₹85 crore | Personal Finance
Ritesh Malik, founder of co-working startup Innov8, has purchased a bungalow in Delhi’s elite Golf Links locality for around ₹85 crore.
The deal spotlights the growing appetite among new-age entrepreneurs for trophy homes in one of the Capital’s most tightly held residential markets. The transaction was facilitated by India Sotheby’s International Realty.
The freehold property is spread across 575 square yards. People familiar with the deal said Malik plans to redevelop the existing bungalow, which is in a dilapidated condition, into a modern residence spanning about 6,000-7,000 square feet, subject to regulatory approvals.
The purchase also reflects a longer standing relationship between Malik and Sotheby’s, dating back to his years building Innov8 Coworking, where the firm was engaged for its expertise and transparency in the Lutyens Delhi market. Real estate continues to be a significant part of Malik’s family office, The Mangrove Holdings, which has made institutional investments alongside developers including Max Estates across its Noida and Gurugram projects.
The acquisition is the latest in a series of marquee deals that have cemented Golf Links as one of the country’s most sought-after ultra-luxury housing markets. Industry executives say the neighbourhood, located within Delhi’s Lutyens’ Bungalow Zone, has increasingly attracted founders, private equity executives and corporate leaders, with demand consistently outstripping the limited supply of freehold homes.
Malik’s purchase follows several high-profile transactions in the micro-market over the past few years. Earlier this year, a member of a Rajasthan royal family acquired a Golf Links bungalow for about ₹100 crore, while private equity executive Sanjay Kukreja and Central Square Foundation chief executive Shaveta Sharma bought another property in the locality for ₹155 crore. Previous buyers in the neighbourhood include Dixon Technologies Chairman Sunil Vachani, RateGain founder Bhanu Chopra and Vasudha Rohatgi, wife of former Attorney General Mukul Rohatgi.
Golf Links in Lutyens Delhi is one of the most sought-after addresses in the country, marked by some of the lowest plot densities in the LBZ, a central location within the city, close proximity to key government and administrative institutions, and extensive green cover that has long defined the character of the zone. The area has long counted some of the country’s most prominent business families among its residents, including the Mittals, the Hindujas, the Goenkas, the Jindals, and the Ruias, alongside the more recent arrival of tech entrepreneurs such as Paytm’s Vijay Shekhar Sharma and even celebrities such as Sonam Kapoor.
Ritesh Malik trained as a physician before moving to entrepreneurship. In 2015, he founded Innov8 Coworking, a Y Combinator-backed venture that scaled to more than 60 locations across India before being acquired by SoftBank-backed OYO, one of the notable exits in the country’s startup ecosystem.
Since then, Malik has led The Mangrove Holdings, his family office, which has backed over 125 startups spanning mobility, aerospace, deep tech, consumer brands, health tech, cybersecurity and media, including names such as Ather Energy, Agnikul Cosmos and Blue Tokai. He also runs Radix Healthcare and Anardana Hospitality, two operating businesses of his own.
