Property Rates in Lutyens' Delhi Zooming High
However, there are cash rich people who are ready to make such big investments. Sanjay Dutt, executive managing director for south Asia of Cushman and Wakefield said "In a growing economy like ours, 15 to 20 new billionaires are born every year who wish to reflect their status and lifestyle through their address. So a huge demand for houses such as those in Lutyens zone is not unusual," reports India Today.
The reason behind the escalating property prices in Lutyen’s Delhi zone is due to the high demand for getting posh pin code and limited availability of properties. On this note, Samir Jasuja, CEO of Propequity said "I would say that the market price is two to three times higher than the circle rate. There is a complete mismatch between demand and supply. Usually, there are not more than one or two properties up for sale in Lutyens zone," reports India Today.
Residential localities like Amrita Shergill Marg, Prithviraj Road and Aurangzeb Road in Lutyens Delhi Zone is home to several top-notch personalities. And, the property prices in such localities ranges from 6 lakh per square yard to Rs9 lakh per square yard. Besides, the property prices in locations like Golf Links, Jor Bagh and Malcha Marg are extremely expensive.
"The spending power of individuals and corporations has grown exponentially. Along with a desire to own a fancy address, people and corporations are also looking at Lutyen's Delhi as an investment,” added V.N. Dalmia, Chairman of Dalmia Continental.