NEW DELHI: In one of the largest transactions the HCL chairman Shiv Nadar has reportedly bought a bungalow in the Friends Colony East area of Delhi for Rs 115 crore.
In a recent transaction in Lutyens Bungalow Zone, as per reports Indiabulls promoter Rajiv Rattan had bought a bungalow for Rs 220 crore on Amrita Shergill Marg.
The 1,930-sq yard plot that Mr 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.
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.
The recent 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.
