News: In the zone in these unreal times: Covid-19 pushes Lutyens’ bungalows into sale list-14-07-2020
https://economictimes.indiatimes.com/wealth/real-estate/in-the-zone-in-these-unreal-times-covid-19-pushes-lutyens-bungalows-into-sale-list/articleshow/76953241.cms
(This story originally appeared in on Jul 14, 2020) NEW DELHI: Owning a private bungalow in Delhi's Lutyens' Bungalow Zone has been a status symbol for decades and has attracted the rich and the famous from across the country.
This extremely niche area has remained immune to the vagaries of the real estate sector, and yet Covid-19 has not left this leafy neighbourhood untouched either.
In an unprecedented development, more than 20 bungalows in LBZ are up for sale, their prices ranging from Rs 75 crore to Rs 170 crore, depending on the plot size and location. Portals that only deal in high-end, luury properties have listed several from this area in the last couple of months rather than a couple they used to earlier.
From a 7,500-sq ft bungalow near Khan Market (Rs 150 crore) and an equally spacious bungalow on Hailey Road (Rs 170 crore) to 8,000-10,000-sq ft residences in Sunder Nagar costing Rs 75-90 crore, the house’s distance from Rajpath determines the price. Comparatively, three-bedroom apartments in Chanakyapuri's diplomatic zone are available for Rs 20-40 crore.
“I have been in real estate since 1997 and have sold many properties, but never in my experience have I got a stock of 12 properties in LBZ. Usually, the number in the inventory is one or two, at most three,” said Rohit Chopra, founder of real estate consultancy rm Southdelhiprime.com. Developed by Edwin Landseer Lutyens, the British architect of New Delhi, this exclusive ‘zone’ was originally spread across 19.1 sq km.
There are strict height, oor-area-ratio and reconstruction norms for this heritage zone to protect its low skyline. There are around 3,000 bungalows in the area, which mostly house top ministers, judges and government oicials.
The number of privately held bungalows and homes in LBZ is around 600. Apart from LBZ, spacious properties in areas adjacent to the zone also command high prices. “Being the heart of Delhi, LBZ commands the highest real estate pricing not only in India but globally,” said Shalin Raina, managing director (residential services),
Cushman and Wakeeld, a global real estate rm. “Sprawling residences, manicured gardens, close proximity to key destinations in the city and the snob value make LBZ one of the most coveted
