An Indian beverage tycoon is poised to snap up a 14,973 sq. m residential estate in the plush Lutyens’ zone, once the first home of Jawaharlal Nehru in Delhi, for ₹1,100 crore, in what could become the country’s most expensive real estate transaction, people familiar with the matter told HT.com.
A Delhi-based law firm is currently scrutinising the title of the property, which is owned by sisters Raj Kumari Kacker and Bina Rani.
A leading law firm (Luthra & Luthra Law Offices) has issued a public notice as part of the final due diligence. The notice reads “Our client is desirous of acquiring residential property situated at plot no 5, Block no 14, 17 Motilal Nehru Marg, New Delhi, admeasuring 14,973.383 sq m and for the same, we are investigating the title of the current owners of the said property, Raj Kumari Kacker and Bina Rani.”
Anyone with claims to the property must respond within seven days, according to the notice.
The property is located in Lutyens’ Bungalow Zone, one of the persons who is familiar with the deal told HT.com. “Due diligence is underway, and it may be a few months before the deal is closed,” the person said, asking not to be named.
The estate, previously rented and now vacant, comprises three floors across 3.7 acres with about 24,000 sq. ft of built-up space. Located opposite the Taj Mansingh hotel, it lies in one of Delhi’s most exclusive neighbourhoods designed by Edwin Lutyens between 1912 and 1930.
{{/usCountry}}The estate, previously rented and now vacant, comprises three floors across 3.7 acres with about 24,000 sq. ft of built-up space. Located opposite the Taj Mansingh hotel, it lies in one of Delhi’s most exclusive neighbourhoods designed by Edwin Lutyens between 1912 and 1930.
{{/usCountry}}If completed at ₹1,100 crore, this will be India’s largest residential property transaction, surpassing recent records in Mumbai.
A few months ago, Mumbai’s luxury real estate market made headlines when Leena Gandhi Tewari, chairperson of pharmaceutical major USV, purchased two sea-facing duplex apartments in Worli for ₹639 crore. Including stamp duty, the total deal value reached ₹703 crore, making it the most expensive apartment transaction in India, at nearly ₹3 lakh per sq. ft.