In perhaps the most expensive deal in South Delhi’s Vasant Vihar during the second wave of the COVID-19 pandemic, the founder of a chain of educational institutes has bought a 2,000 sq yard property for around Rs 100 crore, sources told Moneycontrol.
The main road-facing property was registered on April 6, 2021 in the name of J C Chaudhry of Aakash Educational Services Ltd and the seller was Aditya Techno Build Private Limited, documents shared by Zapkey.com showed.
There was no response so far from the buyer to the query sent by Moneycontrol.
It should be remembered that in the first week of April, India’s biggest online-education startup Byju’s signed a deal to acquire tutorial chain Aakash Educational Services Ltd for $1 billion. The deal was one of the largest edtech acquisitions in the world. The Bengaluru-based Byju’s is valued at $12 billion.
All this while Blackstone Group-backed Aakash Educational Services had been running Aakash Institute that has more than 200 brick-and-mortar centres and thousands of students who enroll to get into the country’s elite engineering and medical schools.
Local brokers said that the per sq yard value of the bungalow works out to be Rs 5 lakh per sq yard. The floor area ratio (FAR) is around 200 which means that even if the house is rebuilt, the total built-up area would be close to 36,000 sq ft.
There are only 25-odd plots of this large size in Vasant Vihar area, others are either 1,200 sq yard, 1,000, 600 or 400 sq yards.
The new buyer has taken advantage of the 20 percent rebate in circle rates announced by the Delhi government on February 5. This benefit for residential, commercial and industrial properties in Delhi is available until September 30, 2021.
A stamp duty of around Rs 7 crore was paid for the purchase of this property, brokers said. As per the prevailing circle rate, the cost of the property works out to be Rs 129 crore on which a discount of 20 percent has been availed, making the property worth Rs 103 crore as circle rate, brokers said.
Circle rates refer to the minimum rate notified by the government through the registrar or sub-registrar office of Delhi for registration of property transactions. Stamp duty is to be paid on the higher of the declared transaction value and the value calculated as per the circle rate chart applicable for the sector or area of Delhi.
“We are also witnessing several deals in the tech startups space where promoters are either selling or raising a lot of money given the huge investor demand. Such deals offer good liquidity to promoters and early employees who end up buying luxury homes to fulfill their aspirations and also cut some tax outgo resulting from capital gains,” Sandeep Reddy, founder of Propstack, told Moneycontrol.
Several industrialists and legal luminaries have bought properties in Delhi’s posh locations such as Vasant Vihar, West End, Shanti Niketan, Jor Bagh, Golf Links and Sundar Nagar area this year to take advantage of discounted prices on account of the pandemic.
In February this year, Ritesh Dua, owner of Relaxo Footwear, had bought a 1,250 sq ft bungalow in Vasant Vihar for Rs 70 crore.
In April, few bungalows were sold between Rs 60-74 crores in Sundar Nagar having 865 sq yds plot size as per registration office data.
Among the high-ticket deals that have taken place in other parts of Delhi this year, Sunil Vachani, chairman and managing director of Dixon Technologies, bought a 1,250-sq yard bungalow in the leafy Golf Links for Rs 170 crore, which translates to Rs 1.5 lakh per sq. ft, brokers told Moneycontrol.
Ashok Jaipuria, founder of Cosmo Films in February bought a 1,200 sq. yard bungalow in South Delhi’s West End Colony for about Rs 80 crore.