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Bungalows for sale at posh Delhi addresses

New Delhi: More than two dozen houses in the heart of the national capital – New Delhi’s most exclusive address – are in the market as stressed owners and investors seek to raise funds and rebalance their real estate portfolios in the wake of Covid-19. Bungalows with price tags ranging from ₹75 crore to ₹160 crore have been listed on platforms such as Sotheby’s and local brokers, said realtors. The more expensive homes – valued at up to ₹600 crore – are expected to make their way to the list soon. These prime properties are located in the posh areas such as Lutyens Bungalow Zone, Hailey Road, Jor Bagh and Golf Links.“We have seen an increase of over 40% in listings on our website… of high-end properties, including in and around the Lutyens Zone, during the lockdown period. Besides the listed ones, there are many in the pipeline,” said Amit Goyal, CEO of India Sotheby’s International Realty.Experts said the scarcity of properties available for sale near Lutyens Bungalow Zone, coupled with increasing demand for them, will ensure that prices in the area remain extremely high even though rates fluctuate in other parts of Delhi.“For the past few years, the preference of high net worth individuals was to rebalance portfolios and invest in productive assets having regular cash flow,” said Goyal. 76931961‘Many Reviewing Non-Core Assets’“This trend has been accelerated by the lockdown since many are reviewing non-core assets,” Goyal added.Spread over 28 sq. km., LBZ has about 3,000 bungalows meant for top ministers, judges and government officials and about 600 homes owned by some of India’s wealthiest people. This zone was developed by British architect Edwin Lutyens between 1912 and 1930.“The sellers are typically inheritors, NRIs, financial institutions and individuals looking to upgrade their current homes. The Covid-19 situation may create another category of sellers who may need to liquidate real estate assets to support businesses,” said Shveta Jain, managing director and head of residential services at Savills India.Boutique real estate consultancy firm Southdelhiprime.com said it has listed a dozen LBZ properties during the lockdown and more are getting listed.“The number of properties available for sale has almost doubled. Covid-19 has made most owners also hasten their succession planning,” said Rohit Chopra, founder of Southdelhiprime.com.There has been a spate of high-value transactions in LBZ, considered India’s most expensive address. Over the past decade and a half, Lutyens Delhi has become home to industrialist Naveen Jindal, steel tycoon LN Mittal, Bharti Group founder Sunil Mittal, Paytm’s Vijay Shekhar Sharma and Yes Bank former CEO Rana Kapoor.