Sunflag Iron and Steel bought KG Marg property for Rs 80 crore

Sunflag Iron and Steel Co Ltd. has bought a 1,880-square yard property on Kasturba Gandhi Marg in the national capital for around Rs 80 crore, three people aware of the development said.
The property belonged to a Delhi-based doctor and his family and was registered for sale on September 28, as per the documents accessed by ET.

Apart from supplying steel products in the domestic market, Mumbai-based Sunflag Steel also exports to countries in South East Asia, the Middle East, Europe and the US. In the June quarter of 2021, it reported consolidated net profit of Rs 68.11 crore.

“The property is very close to Connaught Place and is also centrally located with India Gate, Parliament and other government buildings nearby. The asking price for the property was Rs 90-100 crore but it has been sold at Rs 80-85 crore,” said one of the persons cited earlier.

Recently, Rajan Bharti Mittal, vice chairman of Bharti Enterprises, also bought a 1,200-square yard property at Delhi’s Shanti Niketan area for around Rs 85 crore.

According to the brokerage firms active in the region, the demand for luxury housing has increased manifold due to Covid-19 and currently there is a shortage of properties with clean title.

While high net worth Indians from other cities want to own a house in Lutyens’ Delhi, those from the city are also moving to bungalows for open spaces.

“We have seen people moving from apartments to farmhouses, and many are preferring independent bungalows as well. Properties ranging between Rs 75 crore and Rs 150 crore have been in demand, but some of the properties in the Rs 300-400 range crore are also in the market,” said Pradeep Prajapati, head of luxury residential services at IQI India.

An email query sent to Sunflag Iron and Steel remained unanswered till as of press time.

Bharat Aggarwal, who has sold the property, declined to comment.

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 the city.

Among the recent transactions in south Delhi and Lutyens’ Delhi are those by JC Chaudhary, the founder of Aakash Educational Services Ltd. Sunil Vachani, chairman of Dixon Technologies, purchased a 1,250-square yard bungalow in Golf Links for about Rs 170 crore, while Ashok Jaipuria, 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.

Lutyens Bungalow Zone (LBZ), spread over 28 sq. km., has about 3,000 bungalows that are meant for top ministers, judges and government officials, and about 600 homes owned by some of India’s wealthiest people. This zone was developed by British architect Edwin Lutyens between 1912 and 1930.