Ritesh Dua of Relaxo footwear has purchased a sprawling 1250 sq. yard bungalow in South Delhi’s Vasant Vihar for round Rs 70 crore, three individuals conscious of the deal mentioned.

There have been at the least half a dozen excessive worth transactions in South Delhi’s posh areas like Vasant Vihar, Western colony and Shanti Niketan, submit lifting of lockdown.

Surrounded by embassies and in shut proximity with Lutyens Delhi, these areas are in demand by HNIs trying ahead to greater impartial residence.

“The Dua family currently lives in West Delhi and will move here. They bought another smaller plot in the area about two years ago but didn’t move there. The seller is a family who was looking to distribute the asset,” mentioned one individual conversant in the deal.

The 1,244 sq metre plot in Vasant Vihar is likely one of the largest as solely 10 plots can be found in 2,000 sq metre vary.

“In Vasant Vihar, plot size ranges from 450 sq metre to 2,000 sq metre and most of them have come on sale post lifting of lockdown and many are looking to liquidate the asset. The advantage with bigger plots in South Delhi is the buyer can redevelop the plot and construct up to four floors, which is not allowed in Lutyens Delhi,” mentioned
Pradeep Prajapati, head of the posh residential service for IQI India.

Recently, Ashok Jaipuria, founding father of Cosmo Films, has purchased a 1,200 sq. yard bungalow in South Delhi’s West End Colony for about Rs 80 crore.

Former Additional Solicitor General of India and main lawyer, Vikas Singh, had additionally purchased a sprawling 860 sq. yard bungalow in Sunder Nagar in Lutyens’ Delhi for round Rs 70 crore.

Property consultants mentioned that the current Delhi authorities resolution to scale back the circle price by 20% throughout property classes for the following six months, will additional enhance the market.

Industry consultants mentioned that in upscale South Delhi areas resembling Maharani Bagh, Vasant Vihar, New Friends Colony and Panchsheel Park, the circle price was greater than the market price and lots of sellers had been thus unable to slash costs, fearing penalties from the tax authorities.