Maxop Engineering director Shailesh Arora has purchased a 575-square yard bungalow in Delhi‘s Golf Links for ₹68.5 crore, two people familiar with the transaction told.
Arora purchased the property from Delhi-based Vaishnawi Energy Distribution Pvt Ltd, which had acquired it from Raj Singh Gehlot, the promoter of the Ambience group, for ₹80 crore.
According to documents accessed by CRE Matrix, Arora paid ₹ 4.11 crore in stamp duty for the transaction, which was registered in December 2022.
India Sotheby’s International Realty, which represented both parties in the transaction, declined to comment.
Over the last two years, several corporate honchos have bought properties in posh areas of Delhi.
Recently, Pawan Agarwal, deputy managing director of DB Group (Dainik Bhaskar), bought a 575-square yard bungalow in Delhi’s Golf Links for ₹75 crore.
Sunil Vachani, chairman of Dixon Technologies, and Vishwavir Ahuja, former chairman and managing director of RBL Bank, are among those who have bought bungalows in Golf Links after the pandemic.
Over 75% of the high net worth and ultra-high net worth individuals believe real estate will do well over the next two to three years and a similar percentage (74%) consider real estate is an important asset to hedge against inflation, according to the annual Luxury Outlook Survey 2023 by India Sotheby’s International Realty (ISIR).
Real estate continues to remain an attractive investment option, with 61% of HNIs and UHNIs looking to buy real estate in 2023-24. High-rise apartments (34%), closely followed by farmhouses and holiday homes (30%) are among the most preferred by affluent investors. Rent yielding commercial real estate is also in demand, as 23% of the HNI respondents would like to invest in it.
Sixteen bungalows were sold in Golf Links in 2020, the most in a year in recent times, as the pandemic increased demand for ultra-luxury properties with open spaces.
Golf Links has emerged as the preferred destination for HNIs. The gated colony, abutting the main golf course in the heart of Delhi, is also near several hotspots in the capital.
