Delhi’s heritage buildings costliest in the world
New Delhi- Real estate prices in Delhi are highest in the world, especially for the structures built a century ago during the British rule.
Despite the fact that the bungalows seem to be fading away with chipping paint, moldy areas, water-stained ceilings and walls, along with lack of modern amenities, these are being sold at unbelievable bid rates crossing the expectations of market watchers.
Few of such bungalows in Delhi are 38 Amrita Shergil Marg, 13 Prithviraj Road, Mexican residence, and others. The winning bid was almost $29 million for 38 Amrita Shergil Marg while the house 13 Prithviraj Road was priced at $110 million.
Rockefeller-ready residence once leased by the Mexican ambassador is now on the market for more than $100 million. Other nearby houses are going for $40 million to $70 million.
A Portugal’s ambassador to India alleged that one can buy a home in New York and Miami and Lisbon and London and still save money in what is being paid for these heritage residences.
Although there is slowdown in economy, the demand for properties in India, particularly in elite areas, continue to remain strong. It is not easy to find such properties as there is hardly any formal announcement. The prices usually circulate by word of mouth. Transactions often include ‘black money’ or ‘bribery’ to avoid huge taxes involved.
Buyers of such royal properties are mostly Indian industrialists looking for a trophy property, politicians with huge trunks of cash, or their secret representatives. They are ready to shred money, as they get a lovely property along with a piece of history though not much as services and amenities. Many old properties in the elite areas demand major overhaul work.
In the early 1990s, a British architect, Edwin Lutyens, had designed the present governmental heart of the nation’s capital. The architect had also built a residential bungalow zone of whitewashed single-story homes surrounded by verdant gardens.
The Directorate of Estates has classifies properties into eight categories. The Category 8 bungalows being the most exclusive have been reserved for ministers and other top leaders. Former prime ministers and presidents, and their spouses, are allowed to remain in Category 8 housing until death.
Property values have been rising continuously for many years in the Lutyens’ bungalow zone and in the surrounding localities. The prices have rapidly increased in the past decade. These high prices have also influenced the rental demand. Owners had happily rented to ambassadors or diplomatic missions for many decades but at present, the rentals have been soaring and this has made some ambassadors to move.
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