Recent High-Value Transactions in Delhi's Golf Links Locality
The real estate sector may be experiencing a downturn, but this hasn't deterred India's affluent from securing luxury properties in Delhi's most prestigious neighborhoods. Three significant transactions, amounting to a total of Rs 300 crore, have recently concluded in the upscale Golf Links locality of Central Delhi. These deals involve prominent figures such as infrastructure giant GMR, a leading auto dealer, and Naresh Gujral, son of former prime minister I.K. Gujral.
GMR's Acquisition
GMR recently purchased a residence in Golf Links for over Rs 70 crore from Vikram Bakshi, managing director of McDonald's India (north and east). A privately-held entity within the GMR group reportedly finalized the transaction with Mr. Bakshi, a long-time resident of the property.
Other Notable Purchases
In a separate transaction, a prominent Delhi-based auto dealer is reported to have acquired a house adjacent to his existing property in Golf Links, for approximately Rs 100 crore. Naresh Gujral has also reportedly purchased a house located within the same vicinity. Furthermore, an unnamed prominent figure has secured a 575 sq yard dwelling in Golf Links for an estimated sum of Rs 50 crore. This valuation translates to a purchase rate close to Rs 8 lakh per square yard, potentially marking one of the highest prices ever recorded within the high end Delhi real estate landscape.
Soaring Property Values
According to property consultancy firm Cushman & Wakefield, the average prevailing rates for Golf Links are among the highest in Delhi, estimated at approximately Rs 7 lakh per square yard. This figure is just slightly below Chanakyapuri's rate of Rs 7.25 lakh per square yard. Prices in both of these prime locations have increased dramatically, by four-and-a-half times over the past three years and by upwards of 50% in the last year alone.
Lutyens' Delhi Remains a Coveted Address
Lutyens' Delhi, encompassing prestigious avenues like Aurangzeb Road, Prithviraj Road, Mansingh Road, and Shahjahan Road, along with nearby upmarket localities like Chanakyapuri, Golf Links, Jor Bagh, and Sunder Nagar, has consistently been the preferred destination for India's elite.
Past High-Profile Deals
These recent transactions follow a series of high-profile real estate deals in these exclusive areas. Two years prior, industrialist and parliamentarian Navin Jindal acquired a residence on Mansingh Road for close to Rs 150 crore. In another noteworthy transaction, Bhushan Steel chairman Sanjay Singhal purchased a bungalow on Amrita Shergill Marg for Rs 137 crore from the Dutch Embassy. Bharti Airtel's Sunil Mittal also possesses a property in the same area, which he purchased for Rs 40 crore. Steel magnate L.N. Mittal, one of the wealthiest individuals globally, also made a significant property purchase on Aurangzeb Road several years ago. The current GMR deal illustrates the continuing vitality of the high end section of the Delhi real estate marketplace. The company is one of the more high profile companies operating within India and it comes as little surprise to see them involved in such a high end deal as this. The new purchase only helps to cement the idea that the Delhi property marketplace is remaining very popular for both Indian and international clients despite the slight downturn impacting the overall market. The area has been a hotbed of activity since this period and these recent deals show no signs of this changing anytime soon in the future as there are deals from other high end automotive and other such companies who have offices based nearby as well.