Anushka Singh, granddaughter of DLF chairman KP Singh, has bought a bungalow on Prithviraj Road in the Lutyens Bungalow Zone (LBZ) for Rs 476.50 cr. The transaction value of the deal was lower than the property’s cost based on the existing circle rate, which was around Rs 554 cr.
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 who headed the Indian Air Force during the 1971 India-Pakistan war. The plot was sold at Rs 6.36 lakh per square metre, after deducting around Rs 22 cr for stamp duty, which was paid by the seller.
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 cr, at the rate of Rs 8.8 lakh per square metre. The seller was Kamal Taneja, managing director of builder TDI Infracorp. The DLF chairman also owns two bungalows on Dr APJ Abdul Kalam Road in the Lutyens Bungalow Zone (LBZ).
LBZ is spread over about 3,000 acres spanning 28.73 sq km, with about 1,000 bungalows. Just about 65-70 of these bungalows are privately owned. The rest are reserved for ministers and government officials. 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.
Upscale central Delhi’s property market has been quite dreary for the past two years, after having witnessed some action in 2015. That year, Dabur Group chairman emeritus VC Burman purchased a bungalow in Golf Links for Rs 160 cr, while the Subhash Chandra-promoted Essel Group bought a 2.8-acre property on Bhagwan Das Road for Rs 304 cr. Rajiv Rattan, cofounder of Indiabulls Group, purchased a 2,920-sq-yard bungalow on Amrita Shergill Marg for Rs 220 cr, while Kabul Chawla of real estate firm BPTP sold a 575-sq-yard bungalow in Golf Links for Rs 65 cr.