Lutyens Delhi bungalow is up for sale at Rs 1,100 crore, says owner Assam Company

Lutyens Delhi bungalow

According to reports, Assam Company, which is located at Kolkata is contemplating to sell a bungalow in Delhi which is situated at Bhagwan Das Road and comes under the Lutyens’ Bungalow Zone of central Delhi.

About Assam Company:

Assam Company is basically from the business of tea plantation and oil & gas and it is expecting Rs 1,100 from the sale of property.  According to real estate experts, it could be the best and biggest real estate deal in recent years.

Property Details:

Property is strategically located near the India Gate¸ Supreme Court and other high-street shops which are in the Connaught Place. However; property is spread over an area of 13,723 square metres or 3.4 acres or 13,723 square metres. According to sources, the property will be sold through auction and all the potential buyers have to submit their bids.

This time it is JLL Indian, property consultant who is handling the transaction of Assam Company. According to property expert, “The expectation of Assam Company is very high and in this subdued market, conditions are not so positive. However; the company could get Rs 700-800 crore from the sale”. The more he added that property markets are dull and demand for large properties are too weak, but still it depends on the auction and the response of the buyers.

Some big property transactions in Mumbai:

Last year, it was billionaire Cyrus Poonawala, who bought Lincoln House from the US Consultate in Mumbai and the cost of deal was about Rs. 750 crore with the tag of largest property deal. However; there were hurdle from defense ministry as they were asking the local collector to register the property only after getting approval. According to reports, the company could repay the high value loan from ICIC Bank with the help of property sale. But the staffs of the property are not aware about any sale. Last year, it was the Subhash Chandra, promoter of Essel group who bought a bungalow in same area after paying Rs 304 crore from realty firm Anant Raj Group.

Some big property transactions in Delhi:

We all know that in past two to three years, Delhi has witness many great deals in Lutyens’ Delhi. As last year, V C Burman, Chairman Emeritus of Dabur Group bought a bungalow in the tony Golf Links area and the cost of deal was about Rs 160 crore.

Apart from that earlier, Rajiv Rattan, Co-Founder of Indiabulls Group, bought a bungalow of 2,920-sq yard on Amrita Shergill Marg in Lutyens’ Bungalow Zone at an amount of Rs 220 crore.

In 2015, the Delhi based real estate builder Kabul Chawla of BPTP sold a bungalow of 575 sq yard in Golf Links for Rs 65 crore.