DELHI: Slowdown or no slowdown, Lutyens Delhi’s tony residential areas are commanding prices like never before. Notwithstanding that, India’s uber rich are placing their bets on these luxury residential properties, located in posh localities, nestled between vast greens and wide roads with billionaires for neighbours.
A clutch of consultancies and brokerages Business Line spoke to said there are less than 1,000 bungalows in Lutyens Delhi, mostly privately owned.
According to various brokerages, the prices in high-end segments such as Jor Bagh, Golf Links, Amrita Shergil Marg, Aurangzeb Road, Prithviraj Road, Sikandara Road, Tilak Marg, Ferozshah Road, Mann Singh Road, Sunder Nagar, Nizamuddin, Tees January Marg and Chanakyapuri, among others, range between Rs 4 lakh and Rs 17 lakh per sq yard.
According to a Knight Frank India advisory on residential real estate, despite a slowdown in residential realty, prices of marquee properties in locations such as NCPA in Mumbai and Shanti Niketan in Delhi have not been impacted.
The report said demand arises either from prospects who wait for such properties to come up for sale or who want a trophy asset in their portfolio.
This shows that a property in a premium location will always find serious bidders.
A Cushman & Wakefield report pointed out that new avenues for investment under the new draft Master Plan for Delhi-2021 have opened up lucrative opportunities for investment across residential zones within Delhi.
Hence, investors and buyers are evaluating and negotiating on the best available options in the market given the weak sentiments.