The deal was sealed on March 24, the documents said. [Representative image]
Of late, several industrialists and legal luminaries have been buying properties in Delhi’s Sunder Nagar, which is part of Lutyens Delhi, primarily on account of the area’s proximity to their workplace. In the latest deal, the owner of a well-known Delhi-based publishing house has bought a 767.3 sq. mt. bungalow for almost Rs 60 crore.
Satish Bala Malhotra, chairperson of the MBD Group, has bought the property from an NRI, registration documents accessed by Zapkey.com have said.
The deal was sealed on March 24, the documents said.
Stamp duty of around Rs 3 crore has been paid for the deal. The house has a ground, first floor and a barsati (a small room on the rooftop) and the total area is around 7,000 sq. ft., local brokers active in the area said.
The rent in the area for a similar property is around Rs 7 lakh per month for the entire unit, they said.
There was no response to an email query sent to Malhotra by Moneycontrol.
Besides being a publishing and e-learning group, MBD group is also an established hospitality player with its maiden venture being The Radisson Blu MBD Hotel, Noida. The group is also into premium and luxury mixed-use developments.
Old, but expensive
The houses in Sunder Nagar are almost five decades old, yet they do not come cheap. On March 10, a bungalow spread across 867 sq. yards (roughly 725 sq. mt.) was registered for Rs 67 crore. The house has been bought by a famous industrialist, according to Zapkey.com, an online platform that collates publicly available property registration data.
Another bungalow in the same area was registered on February 17 for Rs 74 crore. This is an 866.66 sq. yard property and was bought by a well-known legal luminary, data accessed by Zapkey.com showed.
Brokers active in the area told Moneycontrol that most bungalows in the area are around 865 sq. yards with a ground and first floor and a barsati on the second floor that doubles up as a one-bedroom house. The total built-up area of these houses is approximately 7,000-8,000 sq. ft.
“The price at which these bungalows have been sold recently works out to close to Rs 8 lakh per sq. yard. This is reasonable by Lutyens’ (Delhi) standards. Most bungalows in the Golf Links area have plots of 1,250 sq. yards and command a price of around Rs 141-150 crore, which works out to be close to Rs 11 lakh per sq. yard,” brokers said.
The area is fast gaining popularity because there are strict restrictions on height, construction and redevelopment, as the area is part of the Lutyens zone.
Since it is a heritage zone, there are strict height, floor-area-ratio (FAR) and reconstruction norms. This is primarily to protect the low skyline. While these areas certainly offer the luxury of an address, they do not provide the luxury of space. Though the plot size may be big, the developed or built-up area could be much less. There is also little scope for redevelopment due to strict building norms.
The Sunder Nagar area came up more than 50 years ago. Initially, all plots were leaseholds, with freehold rights eventually being granted.