CMD of KEI Industries buys Rs 140 cr Shanti Niketan property

Chairman and managing director of KEI Industries, Anil Gupta, cable and wire manufacturer, has acquired a 2,000 square yard property at Delhi’s Shanti Niketan for Rs 140 crore, as per the documents obtained by Zapkey.com.

Gupta has paid Rs 8.4 crore as stamp duty for the agreement that got listed on October 8. According to the circle rate, the value of the property was Rs 103 crore but has been sold at a higher rate implying a demand for high-value property in the area.

Sandeep Reddy, the co-founder at Zapkey, told the media that over the past year, the wealth of HNIs has reached a record high and some of this is spilling over into real estate leading to a surge in the purchase of super-luxury properties. They have witnessed many high-value deals in Mumbai, Delhi and Bengaluru and at holiday destinations too.

The estate has been sold by Sumant Dhamija and Dinesh Dhamija, son of Dinesh Dhamija, a British India business entrepreneur and politician. Recently, Rajan Bharti Mittal, Vice Chairman and Managing Director of Bharti Enterprises, has acquired a 1,200-square yard property at Delhi’s Shanti Niketan for about Rs 85 crore. There has been a series of high-value deals in Lutyens’ Delhi and South Delhi since the lockdown was lifted in May 2020, with entrepreneurs and ultra-high-net-worth individuals (HNIs) eyeing bigger homes in Delhi’s ritzy colonies.

Shanti Niketan is preferred by HNIs since it is near Lutyens Delhi and property here can be reconstructed as it comes under South Delhi. Buyers can build up to four floors, which is not permitted in Lutyens Delhi. Experts consider the scarcity of such properties available for outright sale near the Lutyens zone, coupled with surging demand for such bungalows, will guarantee that costs remain high despite market fluctuations in other parts of Delhi.

In FY21, demand for ultra-luxury properties Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar and Shanti Niketan was high, with 1,991 deals registered in the year compared to 1,780 deals in FY20.

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