Property Rates in Lutyens' Delhi Zooming High

Property Rates in Lutyens' Delhi Zooming High

By siliconindia   |   Monday, October 29, 2012   |    1 Comments

Bangalore: When the country is struggling with high property prices, unsold inventories and slump in market situation, real estate prices in Lutyen’s Delhi is doubling its value. Lutyens’ Delhi is one of the posh and expensive localities in Delhi since high net worth individuals (HNIs) reside here who have raised the margin of property rates in this area.

According to property consultant, Jones Lang LaSalle India, in the posh area of Lutyens Delhi, at least five bungalows are for sale, but only for those who are ready to drill a hole in their pockets, reports Neha Pushkarna of Mail Today.

For instance, a property on Tughlaq Road that spans over 8000 square yards is valued at rs600 crore. The property is at a stone’s through distance from Prime Minister’s residence. Another close-by property on 13 Prithviraj Road that spans over 8543 square yards priced at a whopping rs590 crore. Similarly, a bungalow on the aforementioned road costs around rs480 crore spans over 4840 square yards. Even a small bungalow on Prithviraj Road costs around rs300 crore spreads over 3171 square yards. These localities are the most expensive, buying which still continues to be a dream to many people.

"Properties in areas like Lutyen's Delhi get costlier and costlier by virtue of a huge demand and nearly no supply. It's not investors who vie for bungalows in this extremely elite zone but ministers and business tycoons. What they aim for is an address," said Anuj Puri, chairman and country head, Jones Lang LaSalle India. He further added that "It's rarely that market opens up in Lutyen's zone. And when it does, it commands an exorbitant premium."

Also Read: India's Most Expensive Realty Deals

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