Hamdard Laboratories India buys apartment in Delhi’s Diplomatic Enclave for around Rs 30 crore

Diplomatic Enclave or Chanakyapuri, to give its official name, is a tony area in Delhi and is home to large bungalows and apartments. Top business families, corporate honchos and diplomats reside in the area. The Ridge is also within walking distance of these properties.

Local brokers said that the deal is as per market price. “The transaction works out to be around Rs 26 crore for the first floor and Rs 4 crore (spread across an area of Rs 8,000 sq ft) for the ground floor which is around Rs 65,000 per sq ft. This is a good deal considering that there are no new 4BHK units currently available in Diplomatic Enclave,” said Rohit Chopra of Southdelhiprime.com.

Also considering that this is located on a non-aligned plot (floor plan that has an irregular shape), this transaction has commanded a “good price”, he said, adding it would have been higher if it was a conventional plot.

There was no response from the buyer or the seller.

Recently, Bhanu Chopra, the founder of travel and hospitality software company RateGain, had bought an 850 sq m bungalow in Delhi’s upmarket Golf Links for Rs 127.5 crore. The property was registered on February 24 and a stamp duty of Rs 6.79 crore was paid for the transaction.

An annual survey by India Sotheby’s International Realty had revealed that real estate continues to remain an attractive investment option among high and ultra high-networth individuals with 61 percent looking to invest in property in 2023-24. A good 34 percent said they were eyeing flats in high-rise apartments, while 30 percent were focused on farmhouses and holiday homes. Around 65 percent budget for luxury properties worth between Rs 4 crore and Rs 10 crore and more than 33 percent aim for those beyond Rs 10 crore, it had said.

Budget 2023 had capped the deduction on capital gains on investment in residential property at Rs 10 crore. This, according to real estate experts, may have an impact on the sale of uber luxury properties in prime South Delhi and Mumbai markets and also affect state revenues through property registration fees.

Presenting the budget on February 1, finance minister Nirmala Sitharaman had said, “For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under Sections 54 and 54F to Rs 10 crore.”

Any capital gains arising from the sale of long-term assets, including residential houses, are currently exempt from tax if the proceeds are invested in another residential property and there is no cap on the deduction that can be obtained. But that has now been limited to Rs 10 crore.