Shailesh Arora, director of Maxop Engineering, paid Rs 685 million for a 575-square-yard bungalow in Delhi's Golf Links.
Arora bought the property from Delhi-based Vaishnawi Energy Distribution Pvt Ltd, which bought it from Ambience Group promoter Raj singh Gehlot for Rs 800 million.
Arora paid Rs 41.1 million in stamp duty for the transaction, which was registered in December 2022, according to documents obtained by CRE Matrix.
Several corporate executives have purchased properties in posh areas of Delhi over the last two years.
Pawan Agarwal, deputy managing director of DB Group (Dainik Bhaskar), recently paid Rs 750 million for a 575-square-yard bungalow in Delhi's Golf Links.
Sunil Vachani, chairman of Dixon Technologies, and Vishwavir Ahuja, former chairman and managing director of RBL Bank, are among those who purchased Golf Links bungalows following the pandemic.
According to India Sotheby's International Realty's annual Luxury Outlook Survey 2023, more than 75% of high and ultra high net worth individuals believe real estate will perform well over the next two to three years, and a similar percentage (74%) believes real estate is an important asset to hedge against inflation (ISIR).
Real estate remains an appealing investment option, with 61% of HNIs and UHNIs planning to buy in 2023-24. Affluent investors prefer high-rise apartments (34%), closely followed by farmhouses and vacation homes (30%). Rent-generating commercial real estate is also in high demand, with 23% of HNI respondents interested in investing in it.
Sixteen bungalows were sold in Golf Links in 2020, the most in a single year since the pandemic, as the pandemic increased demand for ultra-luxurious properties with open spaces.
Golf Links has emerged as HNIs' preferred destination. The gated colony, which borders the main golf course in the heart of Delhi, is also close to several tourist attractions.
See also:
TARC reports Rs 3500 million in sales in New Delhi project
DLF's premium housing project in Gurugram will cost Rs 75000 million
