Tag: Lutyens Delhi

IndustryLatest Stories

Freehold Conversion Resumes, Boosting Lutyens’ Delhi Real Estate

Over 100 high-value property transactions in Lutyens’ Delhi may finally be registered this year as the Land and Development Office (L&DO) prepares to approve them under the Union housing and urban affairs ministry. One significant deal includes the Rs 1,100-crore transaction for the first official residence of Jawaharlal Nehru, located at 17 York Road (currently Motilal Nehru Road), which has been on hold due to L&DO’s suspension of converting leasehold properties to freehold. The office has now decided to use Delhi government circle rates for calculating conversion charges starting January 1, 2026. “This is a long-overdue and positive development. Linking…

IndustryLatest Stories

Prestige Group Scraps Lutyens’ Plan, Sells Bungalow

Representative Image NEW DELHI: The Prestige Group from Bengaluru, which purchased a bungalow from TDI Infratech on Kasturba Gandhi Marg in Delhi for the development of a luxury boutique project, has withdrawn from the deal due to approval delays. The firm has sold the property for approximately ₹450 crore, after acquiring it two years ago for about ₹300 crore. TDI retained ownership of the Lutyens Delhi property intended for redevelopment. Initially set as a joint development agreement, Prestige eventually acquired the asset entirely. The property covers 5,100 square yards, with a projected revenue potential of ₹700 crore. Sources indicate that…