Subhash Chandra sells three acre bungalow for Rs 1,260 cr

Essel Group Chairman Subhash Chandra has sold a prime Lutyens’ Delhi bungalow to an unnamed businessman for Rs 1,260 crore in what is being touted as one of the costliest property deals in recent times, sources said.

The nearly 3-acre bungalow on Bhagwan Das Road in close vicinity to Connaught Place and India Gate has been bought by a “Delhi-based business family”, the sources said, refusing to divulge the identity of the buyer.

The residential plot is on the same road as another plot that the Gautam Adani conglomerate had bought in 2020 for a reported Rs 400 crore.

Sources said the Rs 1,260 crore deal will be closed by the first week of December.

A spokesperson of Zee Group declined to comment on the transaction.

Chandra had acquired the property in 2015 for Rs 304 crore, translating into a more than four-fold increase in value over the past decade.

In Lutyens Bungalow Zone (LBZ), there are around 3,000 bungalows. The LBZ is one of the most expensive real estate locations in the country. Around 600 properties in the Lutyens’ Delhi are privately owned by super-rich individuals.

Across Delhi-NCR property market, Delhi’s Lutyens’ zone and Gurugram’s Golf Course Road have seen many high-ticket deals post-COVID pandemic.

Apartments in DLF’s super luxury projects, ‘The Camellias’ and ‘The Dahlias’, both in Gurugram, have been sold at a high value.

Recently, ace investor Madhusudan Murlidhar Kela bought a 6,233 sq ft flat for Rs 121 crore in DLF’s project ‘The Dahlias’ at Gurugram.