Big ticket property purchases in Delhi’s toniest enclaves picking up

Ashok Jaipuria, founding father of , has purchased a 1,200 sq. yard bungalow in south Delhi’s West End Colony for about Rs 80 crore, stated two folks conscious of the deal.

The deal concluded at market charge final month, they stated.

There has been a spate of high-value transactions in Lutyens’ Delhi and south Delhi because the lockdown was lifted in May final yr, with entrepreneurs and ultra-high-net-worth people (HNIs) in search of larger properties in Delhi’s poshest colonies.

Surrounded by Shanti Niketan, Vasant Vihar and ChanakyapuriWest End is among the many most sought-after places by extremely HNIs preferring impartial bungalows.

“There is very limited inventory available in this region and areas like West End, Shanti Niketan and Vasant Vihar offer properties which are on a par with those in Lutyens’ Delhi. More transactions are expected to conclude in the next few days as serious buyers are ready to finalise the properties,” stated Pradeep Prajapati, head of luxurious residential service for IQI India.

Cosmo Films declined to touch upon the transaction. “The company, Cosmo Films, does not have information on this and therefore won’t be in a position to comment,” stated a spokesperson for the listed agency, which manufactures speciality movies for packaging, lamination and labelling purposes.

Commenting on the spurt in big-ticket offers, Shashank Vashishtha, government director at eXp Realty India, a subsidiary of eXp World Holdings, a cloud-based actual property brokerage agency, stated: “Most of the buyers who have purchased houses recently were in the market for two-three years and some of them were even living on rent in the same locality. The pandemic has made them realise the importance of owning a house and it has also given them the bargaining power.”

According to brokers, transactions in West End colony are closing between Rs 80-100 crore.

Recently, former extra solicitor common of India Vikas Singh purchased an 860 sq. yard bungalow in Sunder Nagar in Lutyens’ Delhi for about Rs 70 crore.

Property consultants stated the Delhi authorities’s choice to cut back circle charges by 20% throughout property classes for the following six months will give an extra increase to the market.

Industry specialists stated that in upscale south Delhi areas akin to Maharani Bagh, Vasant Vihar, New Friends Colony and Panchsheel Park, the circle charges have been increased than the market charges and plenty of sellers have been thus unable to slash costs, fearing penalties from the tax authorities.

A discount of 20% in the circle charges, they stated, would have an effect near discount of 1% in the stamp obligation or registration expenses.

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