NEW DELHI: In one of the latest bulge-bracket property deals in the national capital, HCL chairman Shiv Nadar has bought a bungalow in the Friends Colony East area of Delhi for Rs 115 crore.
This is one of the largest transactions in recent times in an area of Delhi outside of the coveted Lutyens Bungalow Zone (LBZ), which is home to high-profile politicians and top businessmen where over hundred crore rupee deals are the norm.
In a recent transaction in LBZ, Indiabulls promoter Rajiv Rattan had bought a bungalow for Rs 220 crore on Amrita Shergill Marg. The 1,930-sq yard plot that Nadar has bought is near his current home in the same locality and it is believed that the property has been bought for his daughter Roshni Nadar and son-in-law Shikhar Neelkamal Malhotra. The new property has a small bungalow built on it, but the Nadars are likely to rebuild it into a large mansion over the next few months, said two people aware of the development.
HCL did not respond to an email questionnaire. Arun Dua, the seller of the property, also declined to comment. Property consultancy Cushman & Wakefield, which was advisor to the deal, reserved comments.
The documents of the property, seen by ET, show that the bungalow has been registered in the name of a company SSN Investments (Delhi) Pvt Ltd, which has its registered office at Nadar's residence. The company's directors include Nadar's wife Kiran Nadar, his daughter and son-in-law.
Transactions in this part of the city have been hard to come by in recent times because of the anomaly that has been created by multiple circle rate revisions in Delhi over the past few years. Therecent revision in September has created a situation where market rates are now lower than the government circle rates for the area.
This is because the Delhi government has clubbed Friends Colony and the LBZ in the same category 'A', which, according to the latest revision, has a circle rate of Rs 6.5 lakh per sq yard or Rs 7.74 lakh per sq metre. Luckily, the Nadar's transaction was concluded just before the latest revision at about Rs 5.75 lakh per sq yard.
While the LBZ certainly leads in terms of the sheer size of transactions, some areas around the zone too have seen many high-value deals in recent years. In 2011, industrialist Sandeep Jajodia of Monnet Ispat & Energy had bought a 2,000-sq yard plot in the posh Shanti Niketan area for Rs 170.18 crore for his family's use.
In another transaction in the same area last year, ITC chairman YC Deveshwar bought an 800 sq yard bungalow for Rs 85 crore.