In a significant real estate transaction, Kusum Ansal, wife of Ansal Group promoter Sushil Ansal, has sold her Lutyens’ Delhi bungalow for ₹241 crore to Gujarat-based Yatah Enterprises. This deal, executed under the SARFAESI Act, addresses outstanding debts of the developer, marking one of the priciest property sales in India.
- The bungalow sold for ₹200,000 per sq ft, highlighting its premium value.
- Proceeds from the sale will help in settling the Ansal Group’s lender dues.
Record-Breaking Sale in Prime Location
Kusum Ansal’s sale of her bungalow located on Feroze Shah Road represents one of the most expensive real estate transactions in India. The property spans an impressive 6,364 square yards, making it one of the largest plots in the prestigious Lutyens’ area of Delhi. The transaction price of ₹241 crore translates to ₹200,000 per square foot, showcasing the high demand for premium real estate in the capital. As noted by a source familiar with the deal, “Ansal API was in stress for quite some time, and some of the proceeds from the bungalow sale were used to settle dues of a lender.” The property was listed through India Sotheby’s International Realty, which confirmed its exclusive mandate for the asset. Despite the high-profile nature of the sale, Sotheby’s declined to comment on the financial specifics involved in this transaction.
Implications of the Sale on Ansal Group
The sale comes at a turbulent time for the Ansal Group, which is currently facing multiple legal challenges regarding its business operations. As per Pranav Ansal, son of Sushil and Kusum Ansal, the transaction was facilitated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. This legislative move allows lenders to recover dues by selling secured assets, highlighting the financial pressures the company is under. Despite these challenges, the transaction indicates a potential turnaround strategy for the company as it seeks to stabilize its financial position. in Delhi
The successful sale of Kusum Ansal’s bungalow may have broader implications for the luxury real estate market in Delhi. With increasing interest from high-net-worth individuals and businesses seeking premium properties, experts predict a continued upward trend in property values within this elite sector. “The robust demand for luxury real estate in Delhi is likely to persist, driven by both domestic and international buyers,” noted real estate analyst Ravi Verma.
- Increasing investments in luxury properties are expected.
- Potential for further record-breaking transactions in the near future.
- Stronger demand from high-net-worth individuals amidst economic recovery.
- Continued interest from international investors in India’s real estate.
- Potential policy shifts may enhance market liquidity and buyer confidence.
In summary, the sale of the Lutyens’ bungalow not only underscores the financial strategies employed by the Ansal Group but also signals a vibrant future for Delhi’s luxury real estate market. As Ravi Verma puts it, “This is just the beginning; the luxury real estate landscape in Delhi is poised for remarkable growth in the coming years.”
