Jawaharlal Nehru's Delhi bungalow, in Motilal Nehru Marg, is to be sold for Rs 1,100 crore, making it one of India's costliest residential property sales, according to a news report from The Economic Times on Wednesday.
The home will be purchased by a businessman with a notable presence in the domestic beverage industry, reports said.
The bungalow's costliness comes from its historical significance as it was India's first Prime Minister Jawaharlal Nehru's residences. Another factor is the bungalow's location, which is in Lutyen's Bungalow Zone.
According to reports, the Bungalow Zone is also noted for its vast lawns, broad avenues and sparse and spread-out housing units, making it a rare and unique residential location in the city.
This area was originally created during colonial India and serves as housing quarters for the country's wealthy and powerful elite, who have or had high positions in governance, foreign embassies and a few private residences.
Governance landmarks such as Rashtrapati Bhavan, Parliament, the Supreme Court, North and South Block, along with prominent embassies are in close proximity to the area.
The property further has stringent zoning laws, keeping the area open and free of high density construction, making the houses widely spread out, with expansive lawns, and spacious boulevards.
High-density and high-rise structures are forbidden by these laws. Moreover, the houses themselves are restricted to reconstruct or subdivide themselves, as per these regulations.
As a result, supply of housing is scant which, along with the other factors, brings up the pricing of the residential properties present there.
The property is set to change hands from the previous owners Raj Kumari Kackar and Bina Rani, who are descended from a formerly royal family of Rajasthan. They had initially quoted Rs 1,400 crore for the sale but agreed to bring it down to Rs,1,100 crore.
“Our client is desirous of acquiring residential property situated at Plot No. 5, Block No. 14, 17 Motilal Nehru Marg, New Delhi – measuring 14,973.383 sq m – and for the same, we are investigating the title of the current owners,” a law firm representing the buyers reportedly said in a public notice.
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