On Wednesday, The Economic Times reported that a historic home that used to belong to India’s first Prime Minister, Jawaharlal Nehru, is offered for sale for an incredible ₹1,100 crore. This deal, which includes the property on Motilal Nehru Marg, is going to be one of the most costly sales of a home in the country’s history.
Reports say that the buyer is a well-known businessman who has a big role in India’s domestic beverage market. The bungalow’s expensive price is because it is in the highly sought-after Lutyens’ Bungalow Zone in Delhi and has a lot of historical value.
The Lutyens’ Bungalow Zone is notable for its big lawns, wide streets, and low-density homes. This unusual layout, which comes from colonial India, makes it an uncommon and highly sought-after place to live in the metropolis. The area was first meant to be a place for the country’s most powerful and important people to live, such as high-ranking government officials, foreign diplomats, and a small number of private residents.
Rashtrapati Bhavan, the Supreme Court, and the Parliament are all very close to the region. There are strict zoning restrictions in place that keep the properties in the zone open and expansive by not allowing high-density or high-rise construction. The regulations also make it illegal to divide or rebuild these homes, which makes it harder to find new ones and raises their worth even more.
Raj Kumari Kackar and Bina Rani, the present owners of the land, are selling it. They are descendants of a former royal dynasty from Rajasthan. The owners first wanted ₹1,400 crore for the property, but they finally agreed to sell it for ₹1,100 crore.
A law company that represents the buyer put out a public notice saying, “Our client wants to buy residential property at Plot No. 5, Block No. 14, 17 Motilal Nehru Marg, New Delhi, which is 14,973.383 square meters in size. We are looking into the title of the current owners for this property.”