Demand for ultra-luxury properties in neighbourhoods such as Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar and Shanti Niketan was high, with 1,991 deals registered in FY21. By contrast, 1,780 transactions were recorded the previous year, data gathered by statistics aggregator Zapkey.com showed.
“Prime residential properties have seen unprecedented traction between the two waves of the pandemic. South Delhi and Lutyens Delhi bungalows have always been in high demand and with lack of fresh supply, there is always a shortage,” said Amit Goyal, the India chief executive at Sotheby’s International Realty. “Ultra-HNIs have been looking for bigger open spaces after remaining stuck in houses during the lockdown and that has pushed demand.”
Some of the latest transactions in South Delhi and Lutyens Delhi include those by JC Chaudhary, the founder of Aakash Educational Services Ltd: He bought a 5-acre farmhouse in South Delhi for around Rs 96 crore and another bungalow in Vasant Vihar.
Sunil Vachani, chairman and managing director of Dixon Technologies, purchased a 1,250 square yard bungalow in Golf Links for around Rs 170 crore and Ashok Jaipuria, the founder of
, bought a 1,200-square-yard bungalow in South Delhi’s West End Colony for about Rs 80 crore a few months ago.
“Data suggest that South Delhi areas like Vasant Kunj, Vasant Vihar and Greater Kailash and Lutyens Delhi’s Golf Links and Sunder Nagar have not been impacted by the pandemic. In fact, the pandemic has boosted demand for luxury properties in Delhi—a trend we have seen in most cities,” said Sandeep Reddy, co-founder Zapkey.com.
There is hardly any fresh construction in such tony neighbourhoods.
Ultra-HNIs sometimes refurbish the bungalows after purchasing them.
Other prime areas where properties are in demand include Defence Colony and Hauz Khas.
Brokers said that DLF’s King’s Court in Greater Kailash is also witnessing traction due to the project being the only gated community of 57 super luxury residences in the area.
“Another big reason for the increase in transactions has been depressed pricing. Additionally, ultra-luxury trophy properties in areas such as Lutyens Delhi tend to have inelastic demand so the pandemic would have had little impact on sales,” said Dhruv Agarwala, Group CEO, Housing.com. “Also, the ultra-rich have benefited significantly from the bull market and they have taken the opportunity to cash in on stock gains to invest in luxury real estate.”