Bungalow in Delhi’s Nizamuddin area sold for Rs 62 crore

In Delhi, most of the original owners want to sell and monetise their assets during their lifetime.

The director of a company that manufactures interdental brushes has bought a bungalow in Delhi’s posh Nizamuddin area for Rs 61.70 crore, sale deed documents showed.

The area of the plot is 873 sq yards, the documents showed. A stamp duty of around Rs 3 crore was paid by the buyer, Renu Khuller, who is a director at GlobalDent Aids. The sellers of the bungalow are Bharat and Janak Garg.

“This is perhaps one of the most expensive deals in the Nizamuddin East area that has been transacted at a per sq ft rate of around Rs 62,000 per sq ft,” said Pradeep Prajapati, founder and CEO of Weathvisory Capital.

The total built-up area of the bungalow is 10,000 sq ft and comprises ground, first and second floors, local brokers said.

The deal was registered on July 13, 2023, the documents showed.

A text message has been sent to Vineet Khuller, MD at Global Dent Aids for confirmation.

Two similar-sized properties were sold for around Rs 52 crore way back in 2018 and 2019, local brokers told Moneycontrol. There are around 36 bungalows of 800 sq yards in Nizamuddin East area, they said.

In March this year, Vasudha Rohatgi, the wife of former Attorney General of India Mukul Rohatgi, purchased a 2,160-square-yard bungalow in Delhi's Golf Links for Rs 160 crore.

Another deal in the Golf Links area was transacted in March for Rs 42 crore, local brokers said.

In February this year, Maxop Engineering director Shailesh Arora had purchased a 575-square-yard bungalow in Delhi's Golf Links for Rs 68.5 crore.

A few years ago, Sunil Vachani, chairman and managing director of Dixon Technologies, had bought a 1,250-sq yard bungalow in the leafy Golf Links for Rs 170 crore.

In Delhi, most of the original owners want to sell and monetise their assets during their lifetime. Most of the sellers in these areas are original allottees who are in their late 70s and want to sell the properties within their lifetime for succession planning. Further, being original allottees, they don't have any stress or any lien. So, they may decide to sell only if the price is motivating enough, said Rohit Chopra of Southdelhiprime.com.