in

RBL Bank’s MD buys bungalow in Delhi’s Golf Links for Rs 80 crore, Real Estate News, ET RealEstate

RBL Bank's MD buys bungalow in Delhi's Golf Links for Rs 80 crore, Real Estate News, ET RealEstate
Vishwavir Ahuja, managing director and CEO of RBL Bank, has acquired a bungalow in the Golf Links neighbourhood of New Delhi’s Lutyens Zone for Rs 80 crore, three persons aware of the development said.

The 575 sq yard property belonged to a family living in London and the property deal was registered on Tuesday, documents accessed by ET showed.

With 1.3 lakh per sq ft, the deal is in line with the previous transactions in the area reflecting nil Covid-19 impact on pricing.

Sixteen bungalows were sold in Golf Links in 2020, the highest in a year in recent times, as the pandemic increased demand for ultra-luxury properties with open spaces.

“While Covid-19 has increased the demand for bigger homes, the second wave has pushed the demand further. With uncertainty over lockdown, HNIs prefer to stay at home where they have access to all the facilities,” said Pradeep Prajapati, head of luxury residential services at IQI India.

Because of the gated colony and proximity to New Delhi hotspots, Golf Links has emerged as the preferred destination for HNIs.

With bungalows of different sizes available, the area has witnessed the highest number of transactions and many others are also in the pipeline.

Ahuja and RBL bank did not respond to a mailed query until the filing of the report.

“There could be some surge in registration and sales of high value deals given that the 20% cut in circle rates in Delhi will come to an end on September 30. We are already seeing a higher number of registrations ever since the lockdown was lifted,” said Sandeep Reddy, co-founder Zapkey.com.

South Delhi and the Lutyens Bungalow Zone, New Delhi’s answer to London’s Greenwich or Mayfair, have registered the highest number of property registrations in three years through a Covid-ravaged FY21, with uber-rich investors buying assets in areas where demand usually outruns supply.

Demand for ultra-luxury properties in neighbourhoods such as Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar and Shanti Niketan was high, with 1,991 deals registered in FY21. By contrast, 1,780 transactions were recorded the previous year.

Some of the latest transactions in South Delhi and Lutyens Delhi include those by JC Chaudhary, the founder of Aakash Educational Services Ltd: He bought a 5-acre farmhouse in South Delhi for around Rs 96 crore and another bungalow in Vasant Vihar.

Sunil Vachani, chairman and managing director of Dixon Technologies, purchased a 1,250 square yard bungalow in Golf Links for around Rs 170 crore and Ashok Jaipuria, the founder of Cosmo Films, bought a 1,200-square-yard bungalow in South Delhi’s West End Colony for about Rs 80 crore a few months ago.


What do you think?

Written by Realty Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

Timeline needed for projects in Maharashtra with 51% consent: Activists

Timeline needed for projects in Maharashtra with 51% consent: Activists

Chandigarh housing board puts 191 properties on auction from September 15, Real Estate News, ET RealEstate

Chandigarh housing board puts 191 properties on auction from September 15, Real Estate News, ET RealEstate