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    Dabur’s Pradip Burman to sell Delhi house for Rs 75 crore

    Synopsis

    The two-storey bungalow, built on a nearly 9,000 sq ft plot, is close to foreign consulates and Lutyens’ zone and major business districts. It was bought by Sanskar Homes, a Delhi-based premium property developer, for Rs 7.6 lakh per sq yd for further monetisation.

    Pradip BurmanAgencies
    The deal comes at a time when credit crunch is expected to shrink residential sales from 400,000 units in 2019-20 to 280000-300,000 units in 2020-21 across the country’s top seven cities, according to a KPMG report.
    Mobius Foundation chairman Pradip Burman, who belongs to the family that runs Dabur Ltd, has sold his property in south Delhi's Shanti Niketan area for about Rs 75 crore, making it one of the most expensive real estate deals in the city in recent times.

    The two-storey bungalow, built on a nearly 9,000 sq ft plot, is close to foreign consulates and Lutyens’ zone and major business districts. It was bought by Sanskar Homes, a Delhi-based premium property developer, for Rs 7.6 lakh per sq yd for further monetisation.

    “The Shanti Niketan property was listed on our platform last year and we are working with various stakeholders for its sale, being in advanced conversations with a few before the lockdown. It may take some time to close due to the changing market scenario,” said Amit Goyal, CEO of India Sotheby’s International Realty, which is facilitating the deal.

    A person familiar with the development said that part payment was made in March, but final paperwork is still pending due to the lockdown.

    Both Burman and Sanskar Homes’ owner Ravi Arora declined to comment on the transaction.

    The bungalow has nine bedrooms, and a living room on the ground floor, and two driveways that can accommodate 10 cars. It overlooks a garden with large trees and a fountain. The property’s new owner can either renovate the existing bungalow or build a new house with a permissible built up area of 17,550 sq ft on a 975 sq yd plot.

    "The bungalow will be demolished and will make way for four independent floors, which will be sold later," a person familiar with the matter said.

    “Independent floors are in huge demand in south Delhi. Due to lack of supply, there has not been much impact on the pricing despite Covid-19. We have seen a steady increase in enquiries for super luxury apartments in self-sufficient posh colonies such as Vasant Vihar, Shanti Niketan, Westend and Greater Kailash,” said Rohit Chopra, founder of boutique consultancy firm SanD advisory and southdelhiprime.com portal.

    The deal comes at a time when credit crunch is expected to shrink residential sales from 400,000 units in 2019-20 to 280000-300,000 units in 2020-21 across the country’s top seven cities, according to a KPMG report.

    However, experts feel that scarcity of such pricier properties available on outright sale near Lutyens’ Bungalow Zone, coupled with increasing demand for such bungalows, will ensure that prices remain extremely high despite market fluctuations in other parts of Delhi.

    Over the years, LBZ has seen a spate of high-value transactions as it is the most exclusive address in Delhi.


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