A single-storey house at 3 Tilak Marg has just been bought for Rs 100 crore, continuing the scorching pace of ultra-expensive real-estate deals in the coveted centre of the Capital.
The acquisition was confirmed on Tuesday night by Abhay Oswal, managing director of Oswal Chemicals & Fertilizers Ltd., who acquired the property on behalf of his company.
The sale falls short of the record Rs 137 crore that was paid for a property on Amrita Shergill Marg by Sanjay Singhal, owner of Bhushan Power & Steel, last year. But the hefty price demonstrates the scarcity of property in central Delhi and the severe restrictions on how that land can be used.
The property, less than a kilometre from India Gate, had been the focus of a prolonged battle between the seller, Sudarshan Bagaria, and the government, which seized it from him under undisclosed circumstances. After a court case, Bagaria prevailed and has promptly sold the property.
“The parameters that influence (the price of property) include neighbourhood profile, built-up area, quieter neighbourhood and title ownership,” said Shweta Jain of real-estate consultant Cushman & Wakefield.
Delhi-based Oswal Chemicals & Fertiliser is a publicly traded Rs 1,200 crore company.