Do you painstakingly save half of your hard-earned money every month so that you can buy your dream house in that posh locality of the city 15 years from now? Do you diligently keep a tab on the property prices, only to recalculate the ETA to your housewarming? Does your heart skip a beat every time you read about a spike in property rates? Then this news might just dampen your day…and your calculations.
Lutyens Delhi – Only For Elites
As reported in the Economic Times, a bungalow on Prithviraj Road in Lutyens Delhi just sold for an unbelievable Rs 476.50 crore. Anushka Singh, grand-daughter of KP Singh, chairman of DLF, just acquired the property, located in the Lutyens Bungalow Zone (LBZ) for that whopping amount, making it the most expensive price for a home in the NCR.
The bungalow with a built-up area of 780 sq m is located on a sprawling plot of 7,143 sq m. The plot, sold by the family of Air Chief Marshal Pratap Chandra Lal, was bought for Rs 6.36 lakh per sq m. The stamp duty, paid by the seller, in itself was for Rs 22 crore.
The Economic Times report mentions that, in fact, the property was purchased for a lower rate than what is the pricing of that existing circle – Rs 554 crore.
It must be mentioned here that this is not the first such exorbitant property bought by the Singh family. Last year, KP Singh’s daughter, Renuka Talwar bought another house on the same road for Rs 435 crore.
Another recent property purchase that made headlines was when the founder of PayTM, Vijay Shekhar Sharma, purchased a property for Rs 82 crore at Delhi’s Golf Links. In 2015, the Essel Group bought a property on Bhagwan Das Road for Rs 306 crore. That year, Rajiv Rattan, co-founder of the Indiabulls Group, had also bought a property on Amrita Shergill Marg for Rs 220 crore.
Source: Business Today Online Date – 8 September 2017