Anil Gupta, chairman and managing director of KEI Industries, manufactures of cable and wire, has bought a 2000 square yard property at Delhi’s Shanti Niketan for Rs 140 crore, according to documents accessed by

Gupta has paid Rs 8.4 crore as stamp duty for the deal that got registered on October 8. As per the circle rate, the value of the property was Rs 103 crore but has been sold at the higher rate suggesting demand for high value property in the region.

“Over the past one year, wealth of HNIs has touch record high and some of this is spilling over into real estate leading to a surge in purchase of super luxury properties. We have seen several high value transactions in Mumbai, Delhi and Bengaluru and at holiday destinations also,” said Sandeep Reddy, co-founder

The property has been sold by Sumant Dhamija and Dinesh Dhamija, son of Dinesh Dhamija, a British India business entrepreneur and politician.

After Dinesh Dhamija’s death in 1999, the property was transferred to sons as per the Will.

Both Dhamija and Gupta did not respond to email query.

“The construction on the property was old and the building was demolished few years ago. The new owner can construct upto four floors on the plot since it falls in South Delhi,” said a property consultant.

Recently, Rajan Bharti Mittal, Vice Chairman and Managing Director of Bharti Enterprises, has bought a 1,200-square yard property at Delhi’s Shanti Niketan for around Rs 85 crore.

There has been a spate of high-value transactions in Lutyens’ Delhi and South Delhi since the lockdown was lifted in May last year, with entrepreneurs and ultra-high-net-worth individuals (HNIs) looking for bigger homes in Delhi’s ritzy colonies.

Shanti Niketan is preferred by HNIs as it is closer to Lutyens Delhi and property here can be redeveloped as it comes under South Delhi. Buyers can construct up to four floors, which is not allowed in Lutyens Delhi.

Experts believe the scarcity of such properties available for outright sale near the Lutyens zone, coupled with increasing demand for such bungalows, will ensure that prices remain high despite market fluctuations in other parts of Delhi.

Last fiscal, demand for ultra-luxury properties Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar and Shanti Niketan was high, with 1,991 deals registered in the year compared with 1,780 in FY20.

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 Rs 96 crore, and another bungalow in Vasant Vihar.

Sunil Vachani, chairman of Dixon Technologies, purchased a 1,250-square yard bungalow in Golf Links for about Rs 170 crore, while Ashok Jaipuria, the founder of Cosmo Films, bought a 1,200-square-yard bungalow in South Delhi’s West End Colony for about Rs 80 crore a few months ago.

With the second wave negatively impacting economic recovery, real estate experts believe the sector needs continued support from the government.

The sector has witnessed the positive impact of slashed stamp duty charges in Maharashtra on the property markets of Mumbai and Pune, which suggests that the state government’s decisions have a direct impact on the sector.

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