In one of the latest
bulge-bracket property deals in the national capital, Delhi HCL chairman Mr.
Shiv Nadar has bought a bungalow in the Friends Colony East area of Delhi for
his daughter Roshni Nadar Rs. 115 crore.for
This is one of the largest transactions in
recent times in an area of Delhi outside of the coveted Lutyens Bungalow Zone
(LBZ) that is home to high-profile politicians and top businessmen and where
such over hundred crore rupee deals are the norm.
In a recent transaction in
the LBZ, Indiabulls promoter Mr. Rajiv Rattan had bought a bungalow for Rs. 220 crore on Amrita Shergill Marg.
Friends Colony East is
just a short drive from the ultra-posh LBZ. The 1930 sq yard plot that Nadar
has bought is near his present house in the same locality.
The new property has a
small bungalow built on it but the Mr. Shiv Nadar's are likely to rebuild it
into a large mansion over the next few months, said two people aware of the
development.
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| Shiv Nadar with Daughter Roshni. |
The documents of the
property, perused by ET, show that the bungalow has been registered in the name
of a company SSN Investments (Delhi) Pvt Ltd, which has its registered office
at Nadar's residence. The company's directors include Nadar's wife Ms. Kiran
Nadar, his daughter Ms. Roshni Nadar Malhotra and son-inlaw Mr. Shikhar
Neelkamal Malhotra.
Transactions in this part
of the city have been hard to come by in recent times because of the anomaly
that has been created by multiple circle rate revisions in Delhi over the last
few years.
The recent revision in
September, 2014 has created a situation where market rates are now lower than
the government circle rates for the area. This is because the Delhi government
has clubbed Friends Colony and the LBZ in the same category `A', which,
according to the latest revision, has a circle rate of Rs. 6.5 lakh per square yard or Rs. 7.74 lakh
per square metre. Luckily for the Nadar's their transaction was concluded just
before the latest revision at about Rs. 5.75 lakh per square yard.
While the LBZ certainly
leads in terms of the sheer size of transactions, some areas around the zone
too have seen many high-value transactions in recent years.
In 2011, industrialist
Sandeep Jajodia of Monnet Ispat & Energy had bought a 2000 square yard plot
in the posh Shanti Niketan area for Rs. 170.18 crore for his family's use.
In another transaction in
the same area last year, ITC chairman Mr. YC Deveshwar bought an 800 square
yard bungalow for Rs. 85 crore.
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