A lavish bungalow nestled in the upscale Nizamuddin area of Delhi has been successfully sold for a staggering sum of 620 million rupees, according to official sale deed records. The impressive property spans a total built-up area of 10,000 square feet, spread across the ground, first, and second floors. The buyer, Renu Khuller, a director associated with GlobalDent Aids, a company specializing in interdental brushes, spearheaded the acquisition.
The property, situated on an expansive plot measuring 873 square yards, was transferred with a payment of around 30 million rupees in stamp duty by the new owner. The vendors of this luxurious abode are identified as Bharat and Janak Garg.
Experts in the real estate domain have hailed this transaction as one of the most exorbitant deals ever witnessed in the Nizamuddin East area. This substantial acquisition translates to an approximate rate of 62,000 rupees per square foot, as pointed out by Pradeep Prajapati, the founder and CEO of Weathvisory Capital.
Local property brokers have provided insights into the bungalow’s structure, indicating that it encompasses the ground, first, and second floors, amounting to a substantial 10,000 square feet. The official registration of the transaction occurred on July 13, 2023. Confirmation on this purchase has been sought from Vineet Khuller, the Managing Director of Global Dent Aids.
Sources familiar with the area’s real estate trends have recalled that a couple of analogous properties, of comparable size, had been sold for around 520 million rupees each back in 2018 and 2019. This luxurious neighborhood, Nizamuddin East, is graced with approximately 36 bungalows, each spanning 800 square yards.
Recent times have witnessed a surge in high-value real estate deals across Delhi. In March of this year, Vasudha Rohatgi, the spouse of former Attorney General of India Mukul Rohatgi, procured a lavish 2,160-square-yard bungalow within Delhi’s Golf Links region for a substantial 1.6 billion rupees. Another transaction within the Golf Links vicinity was completed at 420 million rupees during the same period.
February of the current year witnessed another remarkable real estate endeavor, with Shailesh Arora, the director of Maxop Engineering, acquiring a 575-square-yard bungalow in Delhi’s Golf Links for an impressive 685 million rupees.
Notably, this propensity to liquidate assets during one’s lifetime for succession planning appears to be a common trend among property owners in Delhi. This inclination is particularly observed among the original allottees who, now in their late 70s, are eager to capitalize on their assets. Experts speculate that these original allottees are unburdened by financial stress or liens, contributing to their willingness to sell when offered a motivating price.
Rohit Chopra, representing Southdelhiprime.com, expounded on this phenomenon, highlighting that many sellers within these elite areas of Delhi are driven by the desire to efficiently transfer their assets for future generations while capitalizing on the current market opportunities.