MUMBAI: The Ruia family, promoters of Essar Group, has put its 1,250 square yard bungalow in Jor Bagh, in Central Delhi, on the block.
The house was bought by the family in 1993 reportedly for Rs 50 lakh. Its present sale value has been pegged at Rs 170 crore.
Market rates for the Jor Bagh area range from Rs 10 lakh to Rs 13 lakh per square feet. By this measure, the Ruias property is valued at Rs 100 crore to Rs 120 crore.“It would be difficult to get the expected Rs 170 crore as the market is slow and there may not be many buyers. However, since it is a prime property in a good location it could even fetch Rs 170 crore,'' said Delhi-based real estate analyst.
After the Ruia’s shifted to another bungalow on Tees January Marg in Lutyens Delhi last year, the Jor Bagh bungalow was being used as a temporary office for company officials for the last 1.5 years.
A person in the know of development said: “The promoters have decided to sell the bungalow rather than incur expenditure on its maintenance.”
The official spokesperson of Essar Energy declined to comment, stating that the said matter concerned a private property of the promoters and that the company had nothing to do with the deal.