The Rs137crore sale of a one-acre plot in Delhi has succeeded in overshadowing all big-budget land deals in Mumbai.
New Delhi: The Rs137crore sale of a one-acre plot in Delhi has succeeded in overshadowing all big-budget land deals in Mumbai.
The exclusive 4, Amrita Shergill Marg bungalow was bought by Delhi-based businessman Sanjay Singhal, the chairman of Bhushan Steels, from the Royal Netherlands embassy, making it the highest property deal Delhi has ever seen, and even surpassing those in the financial capital.Property prices in the Lutyen’s Bungalow Zone and other areas of South Delhi have escalated.
According to a Colliers Jardine report, land prices in prime areas like Shanti Niketan, Westend, Prithviraj Road and Aurangzeb Road have gone up by 13-18% at the beginning of the quarter.
A spokesperson at Cushman and Wakefield said, “Very few of these properties in the A+ zone come up for sale and when they do, they always go at the owner’s asking price. Even in 1995, when there was an overall dip in property prices, the A-grade properties continued to fetch astounding prices.”
In fact, 5, Mansingh Road, a three-acre bungalow situated in the heart of Delhi, has been at the centre of fierce negotiations. Member of Parliament and industrialist Naveen Jindal has been eyeing the property, which has been priced at Rs155 crore.
Interestingly, though the current sale may have topped the list as far as high-priced property deals go, the per square yard prices are higher in South Delhi localities like Jor Bagh, Golf Links, Sunder Nagar, Chanakyapuri and Westend, mainly because of restrictions on construction in the LBZ.
The Cushman and Wakefield spokesperson said, “Eventually an independent bungalow works out far more expensive in Lutyen’s Delhi than South Delhi as the plot sizes in Lutyen’s zone are bigger than those of South Delhi houses.”
The current rates in areas such as Prithviraj Road and Aurangzeb Road are Rs1,75,000 per square yard and those in Golf Links and Chanakyapuri are Rs2,25,000 per square yard.
Property prices have gone up by 100 per cent in Lutyen’s Delhi in one year and those in the A grade category of South Delhi have seen an escalation of 64-91 per cent.
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