Shiv Nadar Buys a Rs. 115 cr Bungalow for Daughter Roshni

In one of the latest bulge-bracket property deals in the national capital, Delhi HCL chairman Mr. Shiv Nadar has bought a bungalow in the Friends Colony East area of Delhi for his daughter Roshni Nadar Rs. 115 crore.for
 This is one of the largest transactions in recent times in an area of Delhi outside of the coveted Lutyens Bungalow Zone (LBZ) that is home to high-profile politicians and top businessmen and where such over hundred crore rupee deals are the norm.
In a recent transaction in the LBZ, Indiabulls promoter Mr. Rajiv Rattan had bought a bungalow for  Rs. 220 crore on Amrita Shergill Marg.
Friends Colony East is just a short drive from the ultra-posh LBZ. The 1930 sq yard plot that Nadar has bought is near his present house in the same locality.
The new property has a small bungalow built on it but the Mr. Shiv Nadar's are likely to rebuild it into a large mansion over the next few months, said two people aware of the development.
Shiv Nadar
with Daughter Roshni.

The documents of the property, perused by ET, show that the bungalow has been registered in the name of a company SSN Investments (Delhi) Pvt Ltd, which has its registered office at Nadar's residence. The company's directors include Nadar's wife Ms. Kiran Nadar, his daughter Ms. Roshni Nadar Malhotra and son-inlaw Mr. Shikhar Neelkamal Malhotra.
Transactions in this part of the city have been hard to come by in recent times because of the anomaly that has been created by multiple circle rate revisions in Delhi over the last few years.
The recent revision in September, 2014 has created a situation where market rates are now lower than the government circle rates for the area. This is because the Delhi government has clubbed Friends Colony and the LBZ in the same category `A', which, according to the latest revision, has a circle rate of  Rs. 6.5 lakh per square yard or Rs. 7.74 lakh per square metre. Luckily for the Nadar's their transaction was concluded just before the latest revision at about Rs. 5.75 lakh per square yard.
While the LBZ certainly leads in terms of the sheer size of transactions, some areas around the zone too have seen many high-value transactions in recent years.
In 2011, industrialist Sandeep Jajodia of Monnet Ispat & Energy had bought a 2000 square yard plot in the posh Shanti Niketan area for Rs. 170.18 crore for his family's use.

In another transaction in the same area last year, ITC chairman Mr. YC Deveshwar bought an 800 square yard bungalow for Rs. 85 crore.

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