NEW DELHI: Essel Group Chairman Subhash Chandra has sold a prime Lutyens' Delhi bungalow to an unnamed businessman for Rs 1,260 crore, marking one of the most expensive property transactions in recent memory, according to sources.
Property Details and Location
The nearly 3-acre bungalow, located on Bhagwan Das Road near Connaught Place and India Gate, has been purchased by a Delhi-based business family. Sources declined to disclose the buyer's identity. The residential plot sits on the same road where the Gautam Adani conglomerate bought a property in 2020 for a reported Rs 400 crore.
Transaction Timeline and Value Appreciation
The Rs 1,260 crore deal is expected to close by the first week of December. Chandra originally acquired the property in 2015 for Rs 304 crore, resulting in a more than four-fold increase in value over the past decade.
A spokesperson for Zee Group declined to comment on the transaction.
Lutyens' Bungalow Zone Market
The Lutyens Bungalow Zone (LBZ) contains approximately 3,000 bungalows and is one of India's most expensive real estate locations. Around 600 properties in Lutyens' Delhi are privately owned by ultra-wealthy individuals. The Delhi-NCR property market, particularly Lutyens' zone and Gurugram's Golf Course Road, has witnessed several high-value deals since the COVID-19 pandemic.
Apartments in DLF's super-luxury projects 'The Camellias' and 'The Dahlias' in Gurugram have also sold at premium prices. Recently, ace investor Madhusudan Murlidhar Kela purchased a 6,233 sq ft flat for Rs 121 crore in DLF's 'The Dahlias' project.
