Wednesday, June 08, 2011

Shanti Niketan house built on 2000 yard plot sold for Rs. 170.18 crore

              Industrialist Sandeep Jajodia has bought a house in south Delhi for 170.18 crore ($38 million) for his family’s use, the latest in the hard-tocrack world of bulge-bracket property deals.
              Property market experts say this deal is proof that prices in the super-rich segment continue to trend higher even as signs of a slowdown are emerging in the low and mid-tier segments because of rising interest rates and waning economic confidence. The hefty price tag—at nearly 80,000 a square foot—for the bungalow built on a 2,000-square-yard plot in the Capital’s posh Shanti Niketan.
              He has also paid an additional stamp duty of 10.21 crore for the property, a person familiar with the transaction said. The Jajodias can build up to 29,000 sq ft on the plot, including about 7,400 sq ft of basement space.
              The priciest-known transaction in recent times in Mumbai was the April 2010 sale of a duplex apartment in the Samudra Mahal building in Worli for Rs 36 crore, or about Rs 1.07 lakh per sq ft. In August 2009, an apartment in Maker Tower building in Cuffe Parade changed hands for around Rs 93,000 per sq ft.
              More lately, a sea-facing apartment in NCPA Apartments in Mumbai’s Nariman Point was sold for Rs 29.50 crore, or at 85,000 per sq ft two weeks ago.
              The leafy Lutyens’ zone too has seen some large transactions in the past few years, notably the sale of a bungalow on Mansingh Road to parliamentarian Naveen Jindal for around Rs 150 crore and a house on the tree-lined Amrita Shergill Marg to Sanjay Singhal of Bhushan Steel for Rs 137 crore. Steel tycoon LN Mittal and Bharti group founder and chairman Sunil Mittal have also bought properties in Lutyen’s Delhi in the last decade.