NEW DELHI: Fair Exports (India) Pvt Ltd, a subsidiary of Lulu Group International and exporter of meat, fruits, and vegetables, has purchased a bungalow in Delhi’s Sunder Nagar for Rs 89.5 crore, according to official documents.
Najimudeen Ebrahimkutty, Chief Executive Officer (CEO) of Fair Exports, was involved in the transaction.
The company also paid Rs 6.26 crore in stamp duty for this deal.
“The seller, Kuldeep Singh Lamba, is currently living abroad, which delayed the documentation process. Lulu Group has been searching for residential property in Lutyens Delhi for quite some time,” shared a source familiar with the transaction.
Sunder Nagar has become a sought-after area for high-net-worth individuals, with many acquiring properties in the upscale Lutyens enclave since the onset of Covid.
Notably, former solicitor general of India Gopal Subramanium purchased a vast 866-square-yard bungalow in Sunder Nagar for Rs 85 crore in 2022.
Additionally, two other plots in the Sunder Nagar region were sold for approximately Rs 130 crore each after Covid struck.
Experts indicate that a significant portion of new buyers in the luxury market consists of startup founders who have recently liquidated stakes in their businesses.
These executives tend to invest in properties located in top-tier areas such as Mumbai, Goa, Alibaug, and upscale regions of Delhi including Jor Bagh, Sunder Nagar, and Golf Links.
Despite global uncertainties, around 67% of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) remain optimistic about India’s growth trajectory over the next 12-24 months.
According to the annual luxury residential outlook survey by India Sotheby’s International Realty (ISIR), 67% of affluent investors expect annualized real estate returns of up to 15%. Meanwhile, 53% of buyers invested in luxury properties for capital appreciation, and 47% did so for personal use, showcasing a balanced demand.
City-based residential properties are favored among the wealthy, with 31% prioritizing primary residences and 30% focusing on investment assets. However, interest in purchasing second homes has softened over the past year due to limited quality inventory and rising prices.
