Bungalow in New Delhi's upscale Sunder Nagar sells for Rs 96 cr: Report

Upscale residential colony Sunder Nagar in New Delhi has reportedly witnessed a big-ticket deal with an around 900 square yard bungalow getting sold for nearly Rs 100 crore.

Market sources told PTI that a bungalow at Sunder Nagar, owned by Sunil and Ravi Sachdev, has been sold for around Rs 96 crore.

Real estate consultant CBRE facilitated the sale of this bungalow.

Bungalows in Sunder Nagar have become one of the sought-after residential addresses in central Delhi. Sunder Nagar remains a preferred choice for the country's top lawyers, judges, bureaucrats and businessmen, according to property brokers.

The last big-ticket deal in Delhi NCR was in Gurugram. A 10,813 square foot apartment in DLF The Camellias in Gurgaon sold for Rs 95 crore in January 2024. The apartment was purchased by Smiti Agarwal, the wife of Hemant Agarwal, the CMD of V Bazaar Retail Pvt Ltd. The sale price was Rs 87,857.20 per square foot. The buyer also paid a stamp duty of  Rs 4.75 crore and registration fees of Rs 50,003. 

 

Sales of luxury properties have surged across major cities in the last few years.

The national capital, especially South and Central Delhi, has also seen many large property deals.

Earlier this month, a CBRE report said that sales of luxury homes, each priced Rs 4 crore and above, rose 38 per cent in January-September this year across seven major cities.

Sales of luxury homes, costing Rs 4 crore and above, rose to 12,630 units in January-September 2024 compared to 9,165 units in the year-ago period.

CBRE noted that Delhi-NCR recorded the highest sales in this price bracket at 5,855 units against 3,410 units in the year-ago period, a 72% Y-o-Y increase, followed by Mumbai at 3,820 units, recording 18% Y-o-Y growth.

The surge in demand for luxury housing has been primarily attributable to a growing preference among affluent buyers for enhanced amenities and more spacious living areas that complement their multifaceted lifestyles. Moreover, the increasing aspirational class has significantly contributed to the increased demand for luxury properties. Furthermore, the rise in NRI and astute domestic investors in the Indian real estate market has considerably fueled the heightened demand for luxury residences.

Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, foresee heightened demand in the high-end and premium segments, with traditional mid-range markets like Noida, Bengaluru, Pune, and Chennai increasingly gravitating towards luxury developments.

According to a report published by Cushman and Wakefield, Delhi-NCR is surging ahead among India’s major cities to offer luxury homes with prices to the tune of Rs 15,000 per sq. ft, accounting for 61 percent of all new residential project.

Data from the real estate consultancy firm Anarock also indicates that out of NCR's total housing sales of approximately 32,200 units during January-June 2024, over 45 per cent share was in the luxury segment, and 24 per cent in the affordable segment.

Back in 2019, sales of luxury homes were a mere 3 per cent while the affordable sales share stood at 49 per cent.