About 17-18 prime residences in Lutyens Bungalow Zone (LBZ) – India’s most exclusiv address, has been put up for sale in the past few months after the Corona pandemic.
LBZ zone is situated in the heart of the national capital in an area over 2,800 hectares with 3,000 government owned properties along with 101 private bunglows and is the home to India’s president, prime minister, top politians and ultra high net worth individuals. Situated in the heart of the national capital, the LBZ boasts of heritage buildings, central vista and is home to India’s president, prime minister, top politicians and ultra high net worth individuals (UHNIs).
As per the real estate property consultant Mohit Minocha, the prices of the property has declined as compared to pre-Covid times- from 1.55 lakh/sq feet to Rs 1.15 lakh/sq ft.
Another real estate consultant said that whereas only 5-8% properties in LBZ used to be available for sale, the increasing number of properties at the rate of around 18% is quite unusual.
It is a long drawn process to buy or sell in the LBZ which takes from six months to a year involving into hundreds of crores. Most of the properties are bought in the name of companies to save the stamp duties as the property is showed under asset transfer from one firm to another.