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Auto component maker Anand Automotive has purchased a bungalow spanning 1,550 square yards in New Delhi’s upscale Kautilya Marg area for ‘195 crore, in one of the costliest property deals this year.
The company paid ‘13.65 crore towards stamp duty, taking the total transaction value to nearly ‘210 crore.
Anand group did not respond to an email query. Transaction advisor CBRE could not be reached for comment.
Experts say Kautilya Marg is preferred by high-net-worth individuals (HNIs) as there are no restrictions on construction in the area like Lutyens Delhi.
Earlier, Anurag Jain, managing director of Endurance Technologies, bought a 1,350 sq yd bungalow at Kautilya Marg for ‘130 crore. Endurance is among India’s leading auto parts makers. Aakash Chaudhry, co-promoter and managing director of Aakash Educational Services, had also bought a bungalow in Kautilya Marg for ‘137 crore.
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Demand for both luxury and ultra-luxury properties has surged since the pandemic, with HNIs and ultra-HNIs buying such homes for investment, personal use, or both. The upsurge in demand for ultra-luxury homes can also be traced to the reshuffling of HNI investment portfolios amid the anticipated volatility in the stock market due to continued geopolitical tensions.Even old and traditional business families are now showing a willingness to invest in expansive ultra-luxury properties, resulting in a notable uptick in demand and transactions within this segment. As the number of billionaires in India is projected to grow significantly, demand for ultra-luxury properties is likely to sustain its upward trajectory.
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