Rs. 1,000 Crore Delhi Luxury Bungalow Deal on Bhagwan Das Road Sets New Benchmark in Lutyens’ Market

A ₹1,000 crore Central Delhi luxury bungalow deal has sparked interest in the capital’s strongly held luxury housing market. The 3.2-acre estate on Bhagwan Das Road, owned by Maharaja Manujendra Shah of Tehri Garhwal, is said to be under discussion with a Delhi-based businessman with interests in the F&B sector.

The same buyer was also in final discussions to acquire 17 Motilal Nehru Road, known as Jawaharlal Nehru’s first official residence, for roughly ₹1,111 crore. If any transaction is completed at the reported values, it would rank among the largest residential deals recorded in Delhi.

So far, most high-value bungalow transactions in the capital have been in the ₹500 to ₹600 crore range. A deal above ₹1,000 crore would create a new benchmark for standalone homes in the Lutyens’ area and nearby roads. Market experts say such pricing would reflect the scarcity of large plots in central Delhi rather than any redevelopment potential.

Unlike Mumbai, where height and density often drive value, central Delhi operates under strict planning rules. In the Lutyens’ Bungalow Zone and nearby areas, height limits and conservation norms restrict large-scale redevelopment. Outside the core zone, buildings are usually raised to four storeys. Even on large plots, the full use of the Floor Area Ratio is often limited. As a result, pricing is tied more to land size, location, and legacy value than to the scope for vertical expansion.

Both properties under discussion are currently leasehold, a key factor in the evolving Delhi luxury bungalow deal. Most bungalows in Lutyens’ Delhi are held on long-term government leases, typically from the Land and Development Office under the Ministry of Housing and Urban Affairs. Conversion from leasehold to freehold has been largely on hold since 2022, adding a layer of complexity to transactions in the area.

As part of the due diligence process for the Bhagwan Das Road estate, a leading law firm representing the prospective buyer has issued a public notice. Such notices are routine in high-value property transactions. The notice invites any individual or entity with a claim or interest in the property to come forward with supporting documents. It confirms that the estate measures about 12,949.94 square meters and lists Manujendra Shah as the current owner.

People familiar with the matter said a term sheet has been signed for the Bhagwan Das Road property, while an agreement to buy has been executed for the Motilal Nehru Road bungalow. The estimated value of the Bhagwan Das Road estate is defined as around ₹1,000 crore.

If concluded, the deals would highlight the continued demand for rare, large estates in central Delhi, even within a regulatory framework that limits redevelopment and keeps supply tight.