 "Torrent's Mehta brothers buy Delhi bunglaow for Rs 111 cr")
Torrent group’s Mehta brothers are getting closer to DLF’s Singh and Naveen Jindal. No, not in business. In theLutyen’s Bungalow Zone in Delhi.
According to a report in the Economic Times , Ahmedabad-based drug-to-power group Torrent owned by Sudhir and Samir Mehtahas bought a 1,112.4 sq yards bungalow on Dharam Marg in Chanakyapuri, near the American embassy, for Rs 111 crore.
Torrent Group bought the bungalow for Rs 10 lakh/yard creating a record for most expensive real estate deal in the city.
[caption id=“attachment_484174” align=“alignleft” width=“380”]
Representative Image[/caption]
The plot is just outside the Lutyen’s Bungalow Zone (LBZ), which is home to wealthy businessmen and top politicians like Naveen Jindal, LN Mittal, Sunil Mittal,DLF ’s KP Singh, where such Rs 100-crore plus transactions are a regular.
While the number of transactions has come down even in these parts of the city, pricing will not be impacted because demand for such houses will any day exceed the limited supply, which is one reason for the steadiness in the property prices in the ultra-rich segment.
However, when such expensive deals take place, they have a cascading effect on property prices in other prime areas too, which is why luxury residential prices in certain areas like Golf Link, Khan Market, and Panscheel continue to surge even if the mid-level income apartments do not sell.