NEW DELHI: Another record has been broken in Delhi’s toniest neighbourhood. Anushka Singh, granddaughter of DLF chairman KP Singh, has acquired a bungalow on Prithviraj Road in the Lutyens’ Bungalow Zone (LBZ) for Rs 476.50 crore, the highest price for a home in the national capital.
The bungalow located on a 7,143-square-metre plot with a built-up area of 780 square metres was sold by the family of the late war hero Air Chief Marshal Pratap Chandra Lal.
The plot was sold at Rs 6.36 lakh per square metre, after deducting around Rs 22 crore for stamp duty, which was paid by the seller. The transaction value of the deal was lower than the property’s cost based on the existing circle rate, which was around Rs 554 crore. ET reviewed a copy of the sale deed.
KP Singh’s daughter Renuka Talwar bought a 1,189-sq-metre bungalow on a 4,925-sq-metre plot on the same road last year for Rs 435 crore, at the rate of Rs 8.8 lakh per square metre. The seller was Kamal Taneja, managing director of builder TDI Infracorp.
There was no response to questions sent to DLF. The Lal family could not be reached for comment.
The DLF chairman owns two bungalows on Dr APJ Abdul Kalam Road in the Lutyens’ Bungalow Zone (LBZ). Property prices in the LBZ have dropped around 20% in recent times, according to Arjun Kohli of Arkoh Realty, a central Delhi brokerage. “It has completely become a buyer’s market and proper negotiations are reaping results at present,” said Kohli, who has handled big-ticket transactions in the area.
Anushka Singh is the daughter of DLF vice-chairman Rajiv Singh and is married to Arjun Bhartia, the son of Hari S Bhartia, founder and co-chairman of the Jubilant Bhartia Group.
PC Lal, whose family originally hailed from Kolkata, headed the Indian Air Force during the 1971 India-Pakistan war. The plot had been bought by his mother Pramodini Lal. After her death, the property went to her sons PC Lal and AC Lal. The property was then transferred to Robey Lal and Gopa Chanda, the children of PC Lal, and Rita Datta and Deepa Mukerji, the children of AC Lal. The current deal has been done by the four descendants.
Upscale central Delhi’s property market has been dull for the past two years, after having been busy in 2015. That year, Dabur Group chairman emeritus VC Burman bought a bungalow in Golf Links for Rs 160 crore, while the Subhash Chandra-promoted Essel Group bought a 2.8-acre property on Bhagwan Das Road for Rs 304 crore.Rajiv Rattan, co-founder of Indiabulls Group, purchased a 2,920-sq-yard bungalow on Amrita Shergill Marg for Rs 220 crore, while Kabul Chawla of real estate firm BPTP sold a 575-sq-yard bungalow in Golf Links for Rs 65 crore.
LBZ covers about 3,000 acres and spans 28.73 sq km, with about 1,000 bungalows, out of which only 65-70 are privately owned. The rest are reserved for ministers and government officials.