Auto component manufacturer Anand Automotive has acquired a bungalow covering 1,550 square yards in the prestigious Kautilya Marg area of New Delhi for ‘195 crore, marking one of the most expensive property transactions this year.
The company also paid ‘13.65 crore in stamp duty, bringing the total value of the transaction to nearly ‘210 crore. The Anand group did not respond to an email inquiry. The transaction advisor, CBRE, was unavailable for comment. Experts indicate that Kautilya Marg is favored by high-net-worth individuals (HNIs) due to the absence of construction restrictions in the area, unlike Lutyens Delhi.
Previously, Anurag Jain, managing director of Endurance Technologies, purchased a 1,350 sq yd bungalow on Kautilya Marg for ‘130 crore. Endurance is recognized as one of India’s leading auto parts manufacturers. Additionally, Aakash Chaudhry, co-promoter and managing director of Aakash Educational Services, also acquired a bungalow in Kautilya Marg for ‘137 crore.
The demand for both luxury and ultra-luxury properties has increased significantly since the pandemic, with High Net-worth Individuals (HNIs) and ultra High Net-worth Individuals (ultra-HNIs) purchasing such residences for investment purposes, personal enjoyment, or a combination of both.
This rise in demand for ultra-luxury homes can also be attributed to the reallocation of HNI investment portfolios in response to the expected fluctuations in the stock market, which are influenced by ongoing geopolitical tensions. Moreover, even established and traditional business families are now demonstrating a readiness to invest in large ultra-luxury properties, leading to a marked increase in demand and transactions within this market segment.
As the number of billionaires in India is anticipated to rise considerably, the demand for ultra-luxury properties is expected to maintain its upward trend.
