Indiabulls Commercial Credit acquires south Delhi property for Rs 60 crore

Indiabulls Commercial Credit Ltd. (IBCCL), a wholly owned subsidiary of Indiabulls Housing Finance Ltd. (IBHFL) has acquired four floors of a property at south Delhi’s Anand Lok from Sheela Gehlot, wife of Raj Singh Gehlot, promoter of the Ambience group, for Rs 60 crore.

The property is spread across a 780 square yard plot and the first four floors have been registered separately.

According to the documents accessed by CRE Matrix, a real estate data analytics firm, all the floors were sold for Rs 15 crore each except the first floor, which was sold for Rs 14.85 crore.

“Gehlot, after acquiring the property from another seller, got the redevelopment done and had built independent floors. Indiabulls is likely to further sell this property. They have taken over to ensure clear title,” said one person familiar with the deal.

Indiabulls did not respond to the email query. Arjun Gehlot, son of Sheela Gehlot did not respond to call and message.

Last year, Raj Singh Gehlot had sold a 575 sq yard bungalow in Golf Links neighbourhood of New Delhi’s Lutyens Zone for Rs 80 crore

South Delhi and the Lutyens Bungalow Zone, New Delhi’s answer to London’s Greenwich or Mayfair, have registered the highest number of property registrations in three years, with uber-rich investors buying assets in areas where demand usually outruns supply.

Demand for ultra-luxury properties in neighbourhoods such as Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar and Shanti Niketan was high.

Ambience group has been selling its real estate assets to reduce debt. Real estate developer Elan Group has recently acquired a 7.65-acre land parcel in Gurgaon from Ambience group for about Rs 200 crore.

The company is also trying to sell a land parcel in Noida for around Rs 700 crore.