NEW DELHI: Subhash Chandra, chairman of Essel Group, has decided to sell a bungalow on Bhagwan Das Road in Delhi to a local business family for ₹1,260 crore, marking one of the priciest property transactions in the nation. Chandra acquired this 2.8-acre property in 2015 for ₹304 crore.
“This property was one of the most coveted in Lutyens’ Delhi and is among the select few priced above ₹1,000 crore,” stated a source familiar with the deal. “All formalities and monetary transactions are expected to be finalized by December 30, 2026.”
Additionally, a nearby bungalow situated on a 3.2-acre plot is also on the market for over ₹1,000 crore, being sold by Maharaja Manujendra Shah of Tehri Garhwal.
The buyer of the Tehri Garhwal property is also in negotiations to acquire the official residence of former Prime Minister Jawaharlal Nehru on Motilal Nehru Road, located in the elite Lutyens’ Bungalow Zone (LBZ), for over ₹1,100 crore.
Nestled in the heart of India’s political corridor, the LBZ spans 28 square kilometers and consists of approximately 3,000 bungalows, mainly occupied by ministers, judges, and high-ranking government officials. About 600 properties in this area are privately held by some of India’s wealthiest individuals. Designed by Edwin Lutyens, LBZ is recognized as one of the most exclusive and expensive real estate regions in the country.
