Rajan Mittal buys Rs 85 Cr property in Delhi’s Shanti Niketan
Rajan Bharti Mittal, vice-chairman and managing director of Bharti Enterprises, has bought a 1,200-square yard property at Delhi’s Shanti Niketan for around Rs 85 crore. The deal was registered on September 9, with four different owners selling their share of the plot to Mittal. The property, spread over nearly 10,000 square feet, is near the consulates, Lutyens zone, airport and major business districts, and was bought at a rate of Rs 7.5 lakh per square yard.
There has been a spate of high-value transactions in Lutyens’ Delhi and South Delhi since the lockdown was lifted in May last year, with entrepreneurs and ultra-high-net-worth individuals (HNIs) looking for bigger homes in Delhi’s ritzy colonies. “Shanti Niketan is preferred by HNIs as it is closer to Lutyens Delhi and property here can be redeveloped as it comes under South Delhi. Buyers can construct up to four floors, which is not allowed in Lutyens Delhi,” said Pradeep Prajapati, head of luxury residential services at IQI India.
Experts believe the scarcity of such properties available for outright sale near the Lutyens zone, coupled with increasing demand for such bungalows, will ensure that prices remain high despite market fluctuations in other parts of Delhi.
Last fiscal, demand for ultra-luxury properties Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar and Shanti Niketan was high, with 1,991 deals registered in the year compared with 1,780 in FY20. Some of the latest transactions in South Delhi and Lutyens Delhi include those by JC Chaudhary, the founder of Aakash Educational Services Ltd., who bought a 5-acre farmhouse in South Delhi for ₹96 crore, and another bungalow in Vasant Vihar. Sunil Vachani, chairman of Dixon Technologies, purchased a 1,250-square yard bungalow in Golf Links for about ₹170 crore.