Relaxo's Ritesh Dua buys bungalow in South Delhi for Rs 70 crore

Relaxo’s Ritesh Dua buys bungalow in South Delhi for Rs 70 crore

Ritesh Dua of Relaxo footwear has bought a sprawling 1250 square yard bungalow in South Delhi’s Vasant Vihar for around Rs 70 crore, three persons aware of the deal said.

There have been at least half a dozen high value transactions in South Delhi’s posh areas like Vasant Vihar, Western colony and Shanti Niketan, post lifting of lockdown.

Surrounded by embassies and in close proximity with Lutyens Delhi, these areas are in demand by HNIs looking forward to bigger independent home.

“The Dua family currently lives in West Delhi and will move here. They bought another smaller plot in the area about two years ago but didn’t move there. The seller is a family who was looking to distribute the asset,” said one person familiar with the deal.

The 1,244 sq metre plot in Vasant Vihar is one of the biggest as only 10 plots are available in 2,000 sq metre range.

“In Vasant Vihar, plot size ranges from 450 sq metre to 2,000 sq metre and most of them have come on sale post lifting of lockdown and many are looking to liquidate the asset. The advantage with bigger plots in South Delhi is the buyer can redevelop the plot and construct up to four floors, which is not allowed in Lutyens Delhi,” said Pradeep Prajapati, head of the luxury residential service for IQI India.

Recently, Ashok Jaipuria, founder of Cosmo Films, has bought a 1,200 square yard bungalow in South Delhi’s West End Colony for about Rs 80 crore.

Former Additional Solicitor General of India and leading lawyer, Vikas Singh, had also bought a sprawling 860 square yard bungalow in Sunder Nagar in Lutyens’ Delhi for around Rs 70 crore.

Property consultants said that the recent Delhi government decision to reduce the circle rate by 20% across property categories for the next six months, will further boost the market.

Industry experts said that in upscale South Delhi areas such as Maharani Bagh, Vasant Vihar, New Friends Colony and Panchsheel Park, the circle rate was higher than the market rate and many sellers were thus unable to slash prices, fearing penalties from the tax authorities.