NEW DELHI: The Delhi High Court has added JK Paper Ltd as a defendant in the ongoing legal matter regarding a 3,731-square-yard bungalow located on Prithviraj Road in Lutyens’ Delhi, which the company purchased in December 2021 for Rs 250 crore.
Punit Beriwala, the managing director of Vipul Ltd, contested the sale of this land, asserting that he had already made an advance payment for it.
Beriwala’s attorney, Lokesh Bhola from Legal Icons, stated that his client made a significant payment towards the property in 2004 to previous owners Bhai Manjit Singh, Maheep Singh, and Bhai Vikramjit Singh. Additionally, he noted that the legal counsel for JK Paper Ltd was informed following a public notice about the intended property purchase.
Attempts to reach Vikramjit Singh for comments were unsuccessful, and an email sent to JK Paper also went unanswered as of Wednesday. RealtyDailyNews has reviewed the court order that includes JK Paper as a party in the case.
Beriwala claims that an agreement was reached for a total sale price of Rs 28 crore, with payments made in installments due to the property being leasehold. The defendants were to convert it to freehold before completing the transfer to Beriwala, according to the petition.
He reiterated that he had paid Rs 1.64 crore in 2004, with the property’s conversion to freehold taking place in 2019.
“During the lawsuit, our client discovered that the property was supposedly purchased by JK Paper Ltd on December 2, 2021,” Bhola said. “Our client has been pursuing the dispute since then, and the Delhi High Court has now recognized JK Paper Ltd as one of the parties involved,” he added.
While affluent individuals from other cities are keen to acquire homes in Lutyens’ Delhi, locals are also shifting towards bungalows in search of open spaces.
Experts suggest that the limited availability of properties for outright sale near the Lutyens’ zone, combined with increasing demand for bungalows, will keep prices elevated even amidst fluctuations in other city markets.
