A 900 sq yard bungalow has been sold for almost ₹100 crore in Delhi’s tony Sunder Nagar area, according to property market sources.
According to local brokers, a 867 sq yard bungalow in Sunder Nagar, owned by Sunil and Ravi Sachdev, has been sold for around ₹96 crore.
The sellers could not be reached for a comment. According to people cited above, the buyer of the property is Neeraj Ghei. He could not be reached for a comment.
Real estate consultant CBRE facilitated the sale of this bungalow. An email has been sent to CBRE but there was no response. The copy will be updated once a response is received.
Other deals in Sunder Nagar
Sunder Nagar is a preferred choice for the country’s top lawyers and businessmen, according to property brokers active in the area. They said that the per sq yard rate for this bungalow works out to be around 11 lakh per sq yard. The bungalow is spread across an area of around 6000 to 7000 sq ft and has a ground and a first floor along with a barsati, they said.
It should also be noted that most bungalows in the Sunder Nagar area are almost five decades old.
Brokers in the area said that most bungalows in this Lutyens’ area are around 800 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 most these houses is around 6,000-8,000 sq. ft.
Earlier this year, former attorney general of India Mukul Rohatgi and his wife Vasudha had sold a bungalow in Delhi’s Sunder Nagar for ₹100 crore to Vikram Goyal, a resident of the same locality, according to media reports.
Ameera Shah, managing director at Metropolis Healthcare, had bought a 9,896 square feet bungalow for ₹64 crore in 2022 in the Sunder Nagar area, as per media reports.
Vasudha Rohatgi, the wife of former Attorney General of India Mukul Rohatgi, had purchased a 2,160-square-yard bungalow in Delhi’s Golf Links for ₹160 crore in 2023. The sale deed had shown that the plot area of the bungalow is 1806.35 sq m and the covered area of the entire building is 1869.7 sq m, according to media reports.
Also Read: DLF’s new project in Gurugram to have apartments priced at ₹80 crore
Is the price gap between properties in Lutyens’ Delhi and Gurgaon narrowing?
In 2023, a 11,000 square foot apartment at The Camellias by DLF in Gurgaon’s Golf Course Road was sold for more than ₹100 crore in a resale transaction.
Real estate experts had said then that the deal narrowed the gap between prices in older established micro-markets. It should be noted that construction in the Lutyens Bungalow Zone is highly regulated because it is a designated heritage zone. There are strict height, floor-area-ratio and reconstruction norms. The area may be a prime address but it does not provide the luxury of space, although some bungalows have a carpet area of more than 10,000 sq. ft.
Areas that are part of the zone include a few areas in central Delhi such as Prithviraj Road and some parts of Sunder Nagar, Golf Links, and Bengali Market.
Read More: Luxury housing sales surge 38% in January to September period this year across seven major cities
In its recent report titled India Market Monitor Q3 2024 – Residential, CBRE South Asia Pvt Ltd said that the luxury housing segment that includes units priced at ₹4 crore and above saw sales increasing by almost 37.8% Y-o-Y during the Jan-Sep 2024 period on the back of high demand.
