A record amount could soon be paid for a piece of Delhi's past. The bungalow on Motilal Nehru Marg, which was Jawaharlal Nehru's first official residence, is on the verge of selling for around ₹1,100 crore, making it a contender for the priciest residential real estate transaction in India.
A prominent businessman from the domestic beverage industry is reportedly purchasing the expansive estate, which is located in Delhi's coveted Lutyens' Bungalow Zone.
Key Highlights
- Nehru’s former official bungalow at Motilal Nehru Marg sold for ₹1,100 crore in record Delhi deal.
- Deal expected to set India’s new residential price record, underscoring enduring value of Lutyens’ Zone properties.
For what price and who is purchasing?
Raj Kumari Kackar and Bina Rani, who are descended from a former Rajasthani royal family, currently own the property. Although negotiations seem to have settled at the lower ₹1,100 crore mark, they had originally sought about ₹1,400crore, making it one of the most expensive residential transactions in the nation.
In a public notice, a law firm representing the buyer confirmed that ownership checks are nearing completion. The notice stated: "We are looking into the title of the current owners because our client wants to purchase residential property located at Plot No. 5, Block No. 14, 17 Motilal Nehru Marg, New Delhi, which measures 14,973.383 sq m."
Additionally, it demanded that anyone with a claim to the property come forward within seven days.
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What makes this property worth so much?
Jawaharlal Nehru's first Delhi home was reportedly valued at almost ₹1,100 crore, which reflects the combination of history, law, and economics that makes real estate in this area one of the most sought-after in the nation.
According to Harsh Kumar, an advocate at Jotwani Associates, "The Lutyens' Bungalow Zone is a strictly regulated enclave in the heart of New Delhi, originally designed during the colonial period, and today it houses the highest echelons of government, foreign embassies, and a select few private residences."
"Prices reach such extraordinary levels because of this exclusivity and the severe lack of available land," he continued.
