170 Cr Bungalow Deal in Lutyen’s Delhi Amidst Pandemic
Sunil Vachani, chairman and Managing Director of Dixon Technologies, has bought a sprawling 1,250 square yard bungalow in Lutyens’ Delhi for around Rs 170 crore in one of the biggest residential transactions since the lockdown. At Rs 1.5 lakh per square foot, the deal is also one of the costliest in the county in the recent times.
“The recent transaction in Golf Links exceeded the previous price benchmark by about 15% and a transaction of this nature reiterates the high desirability quotient of locales in Lutyens’ Bungalow Zone,” said Shveta Jain, managing director of real estate service firm Savills India.
Dixon Technologies, a leading electronics manufacturing service provider, has seen its stock price more than triple over the last one year, closing at Rs 15,732 against Rs 4,230 on January 7, 2020. The promoter family holds nearly 36% stake in the company.
The property deal comes at a time when average asking prices for properties are down 10-15%, and in some cases even 25-50%, due to the impact of the pandemic and lockdowns. Yet, Vachani seems to have paid a significant premium for the bungalow that bears the number 17 in Golf Links.