Shuchi Patni, a member of the promoter family of Rajasthan-based Wonder Cement, has bought a 1,000-sq yard bungalow in Delhi’s Shanti Niketan area for Rs 84 crore, three people aware of the deal said.
The deal was registered on June 16, as per the document accessed .
Shanti Niketan is among the residential areas preferred by high net worth individuals (HNIs) because of its proximity to Lutyens’ Delhi and friendly redevelopment regulations, as it comes under South Delhi administration. Here, property buyers can construct up to four floors, which is not allowed in Lutyens’ Delhi.
“Vasant Vihar and Shanti Niketan, which have large plots available, continue to witness demand because of lack of availability,” said Pradeep Prajapati, founder of Wealth visory capital, a boutique real estate consultancy firm. “The prices also continue to rise due to the demand and supply gap.”
Wonder Cement, promoted by RK group, declined to comment.
Shuchi Patni is also in the management committee of Shri Ratanlal Kanwar Lal Patni Girls’ College, which is also promoted by the RK group.
“Data accessed by us confirms that the family paid Rs 84 crore for the property,” said Sandeep Reddy, co-founder of Zapkey.com.
The areas around Rashtrapati Bhavan and South Delhi have seen several high-value transactions since the Covid-led lockdown was lifted in May last year, with entrepreneurs and ultra-high-net-worth individuals looking for bigger homes in the city’s ritzy colonies.
Recently, Anil Gupta, chairman and managing director of KEI Industries, a cable and wire manufacturer, bought a 2,000 sq yard property in Shanti Niketan for Rs 140 crore.
Over the past one year, the wealth of HNIs has increased and some of this is spilling over into the real estate sector, leading to a surge in purchase of super luxury homes.
Experts said the scarcity of such properties available for outright sale near Lutyens’ zone, coupled with increasing demand for such bungalows, will ensure that prices remain high despite market fluctuations in other parts of Delhi.
Earlier, Rajan Bharti Mittal, vice chairman of Bharti Enterprises, had bought a 1,200-square yard property at Shanti Niketan for around Rs 85 crore.
A positive impact of the cut in stamp duty charges in Maharashtra has been seen on the property markets of Mumbai and Pune, suggesting that the state government’s decisions have a direct impact on the sector.