Lutyens Bungalow Zone on the Market
One of India’s most exclusive address, the Lutyens Bungalow Zone (LBZ) boasts of heritage buildings, central vista and is home to India’s president, prime minister, top politicians and ultra-high net worth individuals (UHNIs).
The Lutyens Bungalow Zone has witnessed around 17-18 prime residences being put up for sale in the past few months at a time when buyer interest is perhaps at its lowest. The prices have also declined compared to pre-Covid times. Earlier a 575 sq yard property in Golf Links was priced at Rs 100-105 crore (around Rs 2 lakh/sq ft), but now a couple of properties have quoted Rs 80-85 crore (Rs 1.65 lakh/sq ft).
However, Buying and selling in the LBZ is a long-drawn process, which usually takes six months to a year. Real estate consultants said usually two-four deals are completed in a year as it involves a lot of money, running into hundreds of crores. Also, there is a ban on construction of basements and number of floors are capped. High-rises, too, are not allowed.
Generally, these properties are bought and sold in the name of companies as this helps save stamp duty because the property is showed under asset transfer from one firm to another.