Bharti Enterprises MD buys Rs 85 cr property in Delhi’s Shanti Niketan

Rajan Bharti Mittal, Bharti Enterprises' vice-chairman and managing director has purchased a 1,200 sq yard property in Delhi's Shanti Niketan for around 85 crore according to two sources familiar with the deal. On September 9, four different owners sold their shares of the plot to Mittal in a deal that was registered. The nearly 10,000 sq foot property was purchased for 7.5 lakh per sq yard and is located near consulates, the Lutyens zone, the airport, and major business districts. Since the lockdown was lifted in May last year, there has been a flurry of high-value transactions in Lutyens' Delhi and South Delhi, with entrepreneurs and ultra-high-net-worth individuals (HNIs) looking for larger homes in Delhi's posh colonies. Pradeep Prajapati, head of luxury residential services at IQI India told the media that HNIs prefer Shanti Niketan because it is closer to Lutyens Delhi and property here can be redeveloped because it is in South Delhi. Buyers can build up to four floors, which is not permitted in the Lutyens Delhi development. Experts think that despite market fluctuations in other parts of Delhi, the scarcity of such properties available for outright sale near the Lutyens zone, combined with growing demand for such bungalows, will keep prices high. Demand for ultra-luxury properties such as Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar, and Shanti Niketan was strong last fiscal year, with 1,991 deals recorded compared to 1,780 in FY20. JC Chaudhary, the founder of Aakash Educational Services Ltd, has made several recent transactions in South Delhi and Lutyens Delhi. Sunil Vachani, chairman of Dixon Technologies, paid about 170 crore for a 1,250 sq yard bungalow in Golf Links. Image Source