Renuka Talwar, daughter of DLF Chairman KP Singh, has acquired a bungalow on Prithviraj Road for Rs 435 crore in one of the biggest deals for a property in Lutyens’ Delhi, according to people with knowledge of the matter.
The seller was Kamal Taneja, managing director of real estate developer TDI Infracorp. Located on a 4,925 sq metre plot, the bungalow has a builtup area of around 1,189 square metre and was sold for Rs 8.8 lakh per sq m. Based on current circle rates, its value is around Rs 383 crore.
The last big transaction on Prithviraj Road was the purchase by Shahi Exports’ Harish Ahuja of a 2,650 sq m plot with about 836 sq m of built-up area for Rs 173 crore in September 2015 at Rs 6.53 lakh per sq m.
Talwar is married to GS Talwar, non-executive director at DLF. Her billionaire father already owns two bungalows on Dr APJ Abdul Kalam Road in Lutyens’ Delhi. Taneja declined to comment. There was no response to questions sent to DLF and Talwar.
The posh central Delhi area has not seen any major deal in 2016 unlike last year.
“This year has been a little dull for Lutyens’ Delhi area. There is a price mismatch happening between sellers and buyers,” said Santhosh Kumar, CEO, operations, JLL India. Among last year’s deals were Dabur Group chairman emeritus VC Burman’s purchase of a bungalow in Golf Links for Rs 160 crore in December, while Subhash Chandrapromoted Essel Group bought a 2.8 acre property on Bhagwan Das Road for Rs 304 crore. Rajiv Rattan, cofounder of Indiabulls Group, purchased a 2,920 sq yard bungalow on Amrita Shergill Marg for Rs 220 crore in September last year, while Kabul Chawla of real estate firm BPTP sold a 575 sq yard bungalow in Golf Links for Rs 65 crore.
The Lutyens Bungalow Zone (LBZ) covers about 3,000 acres and spans 28.73 sq km, with about 1,000 bungalows, out of which only 65-70 are for private use. The rest are reserved for ministers and government officials.