Where the cream lives

BIRD'S EYE-VIEW

Even while one segment of Delhi's who's who is looking at building farmhouses and mansions in Gurgaon and Greater Noida, there's another set that is increasingly looking at Lutyens' Delhi as its new address.

So, when Sunil Mittal bought a bungalow on Amrita Shergil Marg, speculation was rife that he'd spent Rs 40 crore to build afresh. Today, if market sources are to be believed, that house is worth Rs 100 crore. Again, Jindal House on Prithviraj Road, which is spread over two acres, is claimed be be worth a similar amount.

Last year, the third richest man in the world, L N Mittal bought 22 Aurangzeb Road, which market sources say fetched between Rs 50-60 crore. More recently, the Vaghelas bought 5 Mansingh Road at a guesstimated price of Rs 100 crore.

What's attracting these corporate honchos to Lutyens' Delhi, half of which comprises dilapidated government bungalows? According to Anshuman Magazine, managing director, South Asia, C B Richard Ellis, the central location is one important aspect. "Then there are factors like greenery, space and the guarantee that the neighbourhood won't become crowded, thanks to the government's regulations for Lutyens' Delhi," says Magazine.

No wonder the capital value of a four-bedroom independent house on Prithviraj or Aurangzeb Road, as assessed by C B Richard Ellis, is worth between Rs 1-1.35 lakh per sq yd. According to Rajesh Arora, CEO, Arora & Associates, any property here could fetch between Rs 40-100 crore in the market. "It's a premium price for the ultimate luxury of living in Lutyens' Delhi," says Arora.

Shveta Jain, head, residential north, Cushman & Wakefield, bases prices on the "closeness to central business districts, wider roads and good infrastructure". Besides, she says, "One is assured the skyline will be maintained because of government regulations."

Agrees Magazine that the construction laws here ensure there can be no unauthorised construction or encroachments: "Buying these properties is hassle-free," he says, and points out that even in the spread of Lutyens' Delhi, Prithviraj Road, Amrita Shergil Marg and Aurangzeb Road are the cream of the lot.

But Lutyens' neighbours are turning expensive too, particularly Chanakyapuri, Golf Links and Jor Bagh. Jain says Vasant Vihar, Shantiniketan and Anand Niketan are fast catching up too. No wonder textile baron Rajaram Jaipuria's (of Ginni Filament) house in Vasant Vihar is commanding a premium. He bought a 1,000 sq mt plot for Rs 38 lakh in 1987. Today, according to market sources, its value is upwards of Rs 30 crore.

According to C B Richard Ellis, a four-bedroom house in Vasant Vihar or Anand Niketan is in the range of Rs 1.5-2 lakh per sq yard. And acccording to Cushman & Wakefield, colonies such as Golf Links, Jor Bagh and Vasant Vihar continue to be the preferred location for end-users as well as investors

Surely buyers prefer these to Lutyens' Delhi where norms about plinth area, construction of over two floors and the like are strictly enforced? Magazine says the very fact that Lutyens' Delhi has restrictions is what makes it premium.

However, Jain says the government can do with a little more transparency. "The area falls under the Land & Development Office which does not have published data on what can be done and what can't," she says.

According to Cushman & Wakefield, while Gurgaon and Noida are preferred by the upwardly mobile middle class, for high net-worth individuals and the status conscious, prime Delhi remains the most sought-after residential address.

No surprise then that Lutyens' Delhi remains the NCR's most expensive address.