Luxury Bungalow in Sunder Nagar, New Delhi, Sells for Rs 96 Crore: Market Report
Real estate consultant CBRE facilitated the sale of this luxury bungalow in one of New Delhi's most upscale residential areas, Sunder Nagar. The property market in central Delhi continues to see significant interest from the country's elite.
Luxury BungalowsReal EstateDelhi NcrProperty SalesHighend HomesReal EstateOct 23, 2024
Bungalows in Sunder Nagar have become one of the most sought-after residential addresses in central Delhi. This exclusive locality is a preferred choice for the country's top lawyers, judges, bureaucrats, and businessmen, according to property brokers.
The last significant property deal in the Delhi NCR region was in Gurugram, where a 10,813 square foot apartment in DLF The Camellias sold for Rs 95 crore in January 2024. The apartment was purchased by Smiti Agarwal, the wife of Hemant Agarwal, the CMD of V Bazaar Retail Pvt Ltd. The sale price was Rs 87,857.20 per square foot, with the buyer also paying a stamp duty of Rs 4.75 crore and registration fees of Rs 50,003.
Sales of luxury properties have surged across major cities in recent years. The national capital, particularly South and Central Delhi, has seen a significant number of large property deals. According to a recent CBRE report, sales of luxury homes, each priced at Rs 4 crore and above, rose by 38% in January-September 2024 across seven major cities.
During this period, sales of luxury homes increased to 12,630 units compared to 9,165 units in the year-ago period. CBRE noted that Delhi-NCR recorded the highest sales in this price bracket, with 5,855 units sold against 3,410 units in the previous year, marking a 72% year-over-year increase. Mumbai followed with 3,820 units, recording an 18% year-over-year growth.
The surge in demand for luxury housing can be attributed to several factors. Affluent buyers are increasingly seeking enhanced amenities and more spacious living areas that complement their multifaceted lifestyles. Additionally, the rising aspirational class has significantly contributed to the increased demand for luxury properties. The rise in NRI and astute domestic investors in the Indian real estate market has also fueled the heightened demand for luxury residences.
Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, forecasts a continued rise in demand in the high-end and premium segments. Traditional mid-range markets such as Noida, Bengaluru, Pune, and Chennai are also increasingly gravitating towards luxury developments.
According to a report by Cushman and Wakefield, Delhi-NCR is leading among India’s major cities in offering luxury homes priced at Rs 15,000 per square foot, accounting for 61% of all new residential projects. Data from the real estate consultancy firm Anarock indicates that out of NCR's total housing sales of approximately 32,200 units during January-June 2024, over 45% were in the luxury segment, while 24% were in the affordable segment.
Back in 2019, sales of luxury homes accounted for only 3%, while affordable sales stood at 49%. This significant shift highlights the growing trend towards luxury housing in the Delhi-NCR region and other major Indian cities.
Frequently Asked Questions
What is the recent significant property deal in Sunder Nagar?
A bungalow measuring around 900 square yards in Sunder Nagar, New Delhi, was sold for approximately Rs 96 crore.
Who brokered the sale of the luxury bungalow in Sunder Nagar?
The sale of the luxury bungalow was facilitated by real estate consultant CBRE.
What is the current trend in luxury property sales in Delhi-NCR?
Luxury property sales in Delhi-NCR have surged, with a 72% year-over-year increase in the Rs 4 crore and above category, according to CBRE.
Who are the preferred residents of Sunder Nagar?
Sunder Nagar is a preferred residential choice for top lawyers, judges, bureaucrats, and businessmen, according to property brokers.
What factors are driving the demand for luxury housing in major Indian cities?
The demand for luxury housing is driven by affluent buyers seeking enhanced amenities and spacious living areas, the rising aspirational class, and increased investment from NRIs and domestic investors.
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