The latest acquisition by Paytm founder Vijay Shekhar

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Sharma has already paid a substantial amount for signing an MoU for a 60,000 sq ft plot in Luyen's zone.

"In March, Sharma figured on Forbes" list of Indian billionaires with a net worth of United States dollars 1.3 billion and was the youngest on the list. The LBZ has approximately 1,000 bungalows but only 65-70 of these properties are for private use, the others being owned by the government.

Paytm Founder Vijay Shekar Sharma said in a statement, "This investment by Softbank and support of the incredible entrepreneur Masa Son is a great endorsement of our team's execution and vision".

His net worth in March when the list was published stood at $1.2 billion and was ranked at 1,567 among Indian billionaires and 2,043 globally.

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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.

Sharma holds around 16% stake in Paytm after the digital payments firm raised $1.4 billion from Japan's SoftBank Group, at a valuation of almost $7 billion. Paytm, in which Sharma hold a 16 per cent stake, now stands as the second most valued internet enterprise after Flipkart. He also is a majority share-holder with 51 percent ownership of Paytm Payments Banks which was launched recently. The founder of Paytm is planning to build a house on a 6,000 square feet property in Lutyens' Delhi, which is one of the most expensive residential areas in the country right now.

According to Hurun India, his wealth increased 162% in 2016; he is now the richest entrepreneur under 40.

Bungalow acquisitions in the Golf Links have, however, slowed down in recent quarters.

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