- Essel Group Chairman Subhash Chandra sold a Lutyens bungalow for Rs 1,260 crore
- Chandra bought the property in 2015 for Rs 304 crore, value rose over four times
- The nearly three-acre bungalow is on Bhagwan Das Road near Connaught Place
Essel Group Chairman Subhash Chandra has sold a prime bungalow in Delhi's prestigious Lutyens' zone for Rs 1,260 crore, in what is being described as one of the most expensive property transactions in recent years, sources told news ageny PTI.
Chandra had acquired the bungalow in 2015 for Rs 304 crore. The latest deal represents a more than four-fold increase in the property's value over the past decade.
The nearly three-acre property, located on Bhagwan Das Road near Connaught Place and India Gate, has been purchased by a Delhi-based business family.
The identity of the buyer has not been revealed as of now.
The transaction is expected to be completed by the first week of December, according to PTI sources.
The Lutyens' Bungalow Zone, a tightly regulated enclave in the heart of the national capital, comprises around 3,000 bungalows and has long been synonymous with power and privilege. Home to senior government officials, judges, diplomats and a select group of industrialists, the area is marked by strict development norms and limited land availability.
Delhi's Lutyens' zone and Gurugram's Golf Course Road have witnessed several high-value real estate transactions since the Covid-19 pandemic.
Gurugram, in particular, has seen a surge in luxury property deals, with apartments in DLF's ultra-luxury residential projects, The Camellias and The Dahlias, commanding premium prices.
