In au­gust com­pany

With for­mer Delhi chief min­is­ter mov­ing to a plush apart­ment on Feroze Shah Road, we take a quick tour of the neigh­bour­hood

HT Estates - - NEWS - Harini Sri­ram

There is a sense of height­ened ac­tiv­ity at 22, Feroze Shah Road. A st eady stream of cars leave the build­ing ev­ery now and then; a group of im­por­tant-look­ing men speak in hushed tones near the gate. It’s per­haps be­cause the ad­dress now has a new high-pro­file ten­ant: Sheila Dik­shit, for­mer chief min­is­ter of Delhi.

B u t t h e n , S i l ve r A r c h Apart­ments where Dik­shit has moved in has al­ways been home to bu­reau­crats, politi­cians and top cor­po­rate lead­ers. It may look in­signif­i­cant from the out­side, ex­cept for its green cover, but the apart­ments are spa­cious (2,000 sq ft to 2,500 sq ft) and are said to of­fer sweep­ing views of cen­tral Delhi. Of course, they do not come cheap. The rentals here are any­where be­tween ` 1.75 lakh and ` 2.5 lakh, and if you plan to buy an apart­ment here, be ready to shell out a whop­ping ` 10 crore or more. Dik­shit has signed an 11-month rental agree­ment for a 2,000 sq ft three bed­room flat on the fifth floor of this build­ing, sources say. The build­ing has a to­tal of six floors and about 48 three-bed­room units. The apart­ment com­plex, which is right next to the Rus­sian Cen­tre of Science And Cul­ture, was con­structed around 20 years ago, and it falls in the Lu­tyens Bun­ga­low Zone (LBZ).

There are other plush apart­ment blocks in the neigh­bour­hood too. In close prox­im­ity are Gird­har, Di­wan Sree and Ad­hish­war apart­ments where a lot of VIPs re­side. As Atul Mishra, a real es­tate agent spe­cial­is­ing in cen­tral Delhi, points out, “This part of the city has a very niche buyer pro­file. For in­stance, one of LK Ad­vani’s daugh­ters lives in a 4BHK unit in Di­wan Sree, while the CEO of GMR also lives in an apart­ment on this road. Quite a few MPs also live in swanky apart­ments and pent­houses on Feroze Shah Road.While rentals in any of th­ese build­ings range from ` 1.5 lakh to ` 3 lakh, cap­i­tal prices are around ` 12 crore ap­prox­i­mately for a 2,500 sq ft 3 BHK space.”

Neigh­bour­ing Hai­ley Road, too, is lined with in­de­pen­dent houses and lux­ury apart­ments. Tata Hous­ing, which bought a bun­ga­low lo­cated on a one-acre plot last year for over ` 200 crore, plans to de­velop lux­ury apart­ments here, says a bro­ker. “With the LBZ guide­lines pre­vent­ing any new con­struc­tion in the Lu­tyens Zone, the only form of res­i­den­tial real es­tate ac­tiv­ity per­mit­ted in this re­gion is re­con­struc­tion (by de­mol­ish­ing bun­ga­lows/build­ings on a plot) or ren­o­va­tion of ex­ist­ing struc­tures, af­ter ac­quir­ing rel­e­vant per­mis­sions from au­thor­i­ties. The FAR per­mit­ted here is 20, so only low-rise build­ings can come up here. How­ever, there is spec­u­la­tion that DDA (Delhi De­vel­op­ment Au­thor­ity) might shrink the LBZ, paving the way for high-rise build­ings in ar­eas such as Golf Links and Ben­gali Mar­ket,” he adds.

Kas­turba Gandhi (KG) Marg, per­pen­dic­u­lar to Feroze Shah Road, is char­ac­terised by in­de­pen­dent houses on one- acre plots. It is a sat­u­rated mar­ket with mainly old or gov­ern­ment apart­ments, and the av­er­age price here would be in the range of around ` 40,000 to ` 45,000 per sq ft. “The buyer pro­file at KG Marg is su­per high net-worth in­di­vid­u­als (HNIs). You would find CXO- level ex­ec­u­tives of lead­ing global or­gan­i­sa­tions and busi­ness ty­coons — both as cur­rent oc­cu­piers and po­ten­tial buy­ers,” says San­thosh Ku­mar, CEO, Jones Lang LaSalle In­dia. Thanks to its lo­ca­tion and pro­file, this area has also seen some of the most ex­pen­sive trans­ac­tions in the city of late. As Ku­mar points out, “The last trans­ac­tion that hap­pened in this belt was of 12 KG Marg. The trans­ac­tion value on av­er­age for any sale or pur­chase in this zone would be in the range of ` 100crore to ` 200 crore.”

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