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Essel Group Chairman Subhash Chandra has sold a nearly three-acre bungalow on Bhagwan Das Road in New Delhi’s Lutyens’ Bungalow Zone (LBZ) for INR 1,260 crore, according to sources familiar with the transaction. The property has been acquired by a Delhi-based business family, though the buyer’s identity has not been disclosed. The transaction, expected to be completed by early December, ranks among the highest-value residential property deals reported in India in recent years. Chandra had acquired the property in 2015 for INR 304 crore, reflecting a more than fourfold increase in value over the past decade. The deal highlights sustained demand for trophy residential assets in Lutyens’ Delhi, one of the country’s most expensive and tightly held real estate markets.
Essel Group Chairman Subhash Chandra has sold a prime residential bungalow in New Delhi’s prestigious Lutyens’ Bungalow Zone (LBZ) for INR 1,260 crore, in what is being regarded as one of the most expensive real estate transactions reported in recent years. According to sources, the property has been acquired by a Delhi-based business family, with the transaction expected to be formally concluded by the first week of December.
The bungalow is situated on Bhagwan Das Road, one of the most sought-after residential addresses in the national capital. Spread across nearly three acres, the property is located close to Connaught Place and India Gate, placing it within the heart of the Lutyens’ Delhi precinct, which remains among the country’s most exclusive residential markets.
Sources familiar with the deal declined to disclose the identity of the purchaser. A spokesperson for the Zee Group, however, declined to comment on the transaction.
The reported sale represents a substantial appreciation in value since Chandra acquired the property in 2015 for INR 304 crore. Based on the transaction value cited by sources, the asset has witnessed an increase of more than four times over the past decade, underlining the limited supply and enduring demand for premium land parcels within the LBZ.
The property is located on the same road as another notable real estate transaction involving the Adani Group. In 2020, the conglomerate reportedly acquired a separate plot on Bhagwan Das Road for around INR 400 crore, highlighting continued investor interest in the micro-market despite the limited number of transactions that occur within the zone.
Lutyens’ Bungalow Zone comprises approximately 3,000 bungalows and remains one of the most tightly regulated and expensive residential districts in India. Of these, around 600 properties are privately owned by high-net-worth individuals and business families, while the remainder are occupied by government institutions, senior officials and diplomatic establishments.
The latest transaction comes amid a broader trend of high-value residential deals across Delhi-NCR. Since the Covid-19 pandemic, premium housing markets in Lutyens’ Delhi and along Golf Course Road in Gurugram have recorded several marquee transactions involving wealthy individuals, entrepreneurs and investors seeking trophy assets.
Gurugram’s luxury residential segment has also witnessed significant activity. Projects such as DLF’s The Camellias and The Dahlias have recorded multiple ultra-premium apartment sales at benchmark prices. Most recently, investor Madhusudan Murlidhar Kela purchased a 6,233 sq ft apartment in The Dahlias for INR 121 crore, reflecting sustained demand for high-end residential properties across the region.
The INR 1,260 crore bungalow transaction further reinforces the premium commanded by scarce land assets in Lutyens’ Delhi, where ownership opportunities remain limited and transactions are infrequent.
Source - PTI
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