New Delhi home sells for US$29.3 million
Wednesday, July 26, 2006. The 12,000-square foot house situated on an
acre of land along New Delhi's tree-lined Amrita Shergill Marg was
recently bought from the Dutch Embassy by the chairman of India's
Bhushan Power and Steel, Sanjay Singal, the Indian Express newspaper
NEW DELHI (AP) - As the old saying goes, in real estate it's all about
location, location, location.
That adage certainly seemed to have been proven true Wednesday in New
Delhi, where news broke that a home in the city's leafy heart sold for a
whopping 1.37 billion rupees (US$29 million; ?23 million).
The 12,000-square foot house situated on an acre of land along New
Delhi's tree-lined Amrita Shergill Marg was recently bought from the
Dutch Embassy by the chairman of India's Bhushan Power and Steel, Sanjay
Singal, the Indian Express newspaper reported.
The price tag puts the home among the city's most expensive in living
memory, just behind a 1.65 billion rupee (US$35 million; ?28 million)
house bought last year by another Indian industrialist.
It also was the latest sign of a real estate boom in a country better
known to outsiders for its sprawling shanty towns and homeless beggars.
With India's economy among the world's fastest growing, real estate
prices have shot up in dozens of its cities. It's now common for large
houses built to hold generations of one family to sell for millions of
dollars (euros) in upscale neighborhoods.
But the gems of the city's real estate are found in what's known as the
Lutyens Bungalow Zone _ the shady streets dotted with sprawling
whitewashed homes built in the 1920s and 1930s as part of master plan
for the city designed by British architect Edward Lutyens.
Singal's new home isn't one of the famed Lutyens bungalows, but being in
the historic zone means there's no chance of it being overtaken by the
ungainly sprawl that spreads out from New Delhi's suburbanesque center.