In what could become the most expensive Indian transaction with residential real estate, the historic bungalow in Motilal Nezru Marg – as soon as the first official residence of former Prime Minister Jawaharlal Nera – sells £1100 crore.
The property, located in the prestigious Lutyens’ bungalow zone (LBZ), is obtained by the Economic Times report a prominent entrepreneur from the domestic beverage industry.
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Who buys Lutyens and for how much?
The current owners of the bungalow, Raj Kumari Kackar and Bina Rani, are members of the former royal family from Rajasthan. They were looking for at first £1,400 crore for real estate.
However, it seems that the negotiations settled around £1100 crore, still located among the highest price of residential properties ever seen in the country.
The leading law firm representing the buyer has issued a public announcement, which confirms that the DUE diligence process is, according to the Economic Times report in its final stages.
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The announcement is: “Our client wishes to get a residential property located on land No. 5, block no. 14, 17 Motilal Nezru Marg, New Delhi – we admire 14,973,383 m2 – and investigate the title of current owners.”
The statement also called on each individual with property claims to log in within seven days.
Why is this property so significant?
This bungalow of this Lutyens zone is not only valuable for its size and location in Delhi, but also for its historical significance.
This property spreads to 3.7 acres and includes 24,000 square feet. The first official residence of Jawaharlal Nezru served as Jawaharlal nezru before moving to the more famous teenage Murti Bhavan.
The Bungalow Zone Lutyens, designed by British architect Sir Edwin Lutyens between 1912 and 1930, remains one of the most non -closen and safest residential enclaves in India. The 28 km2 zone is home to ministers, higher government officials, judges and some of the richest Indian business families.
Of the nearly 3,000 bungalows in this zone, about 600 are private, which makes them rare and highly sought -after assets.
“Given its main location, VIP state and clear scale, only a handful of billionaires can even consider buying such a property,” said the person who became familiar with the agreement.
“Due diligence takes almost a year and now seems close to completion.”
What does it mean for a luxury real estate market in Delhi?
If this transaction is completed, it will determine in India a scale for luxury properties and emphasize the growing appetite for ultra -primemia real estate in the most sought -after neighborhoods in Delhi.
Experts note that Lutyens zones rarely come to the market, and when yes, they are strongly attacked by a small circle of billionaires and industrialists.
This record sales emphasizes both the value of the inheritance of the architecture of the colonial era of the new Delhi and the symbol of the state that represents such properties in Indian elite circles.
With an almost complete Due diligence, the final transfer could take place in a few weeks and fix the Motilala position Nezru Marga bungalowa in history – not only as Nezru’s former residence, but as one of the most expensive Indian houses ever sold.
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