Ex­clu­siv­ity for a price

HT Estates - - FRONT PAGE -

What is LBZ? Lu­tyens Bun­ga­low Zone cov­ers ap­prox­i­mately 3,000 acres, or ap­prox­i­mately 1.5% of the land­mass of Delhi. It has about 1,000 bun­ga­lows, out of which only 65-70 are for pri­vate use - the rest are re­served for use by gov­ern­ment of­fi­cials What type of con­struc­tion is per­mit­ted? No high rises, no base­ments and no change in the con­struc­tion of the bun­ga­lows and build­ings in the en­tire zone is al­lowed. The re­sult is that even though prop­erty prices are very high, the ac­tual area on which the prop­erty is con­structed is less The USP of the area: De­spite the sky-high prices due to the pre­vail­ing sale re­stric­tions, land in this area has al­ways com­manded a high price due to limited avail­abil­ity of prop­erty for pri­vate use. In Lu­tyens Bun­ga­low Zone, prop­er­ties are be­ing sold or pur­chased for over ₹ 100 crore for the last few years New plan to free up the LBZ: Ear­lier this year, Delhi Ur­ban Arts Com­mis­sion (DUAC) gave its rec­om­men­da­tions to the min­istry of ur­ban devel­op­ment to shrink the to­tal area of LBZ, and al­low real es­tate devel­op­ment to take place in the space thus freed up Im­pact of the rec­om­men­da­tions: The new norms are likely to im­pact ar­eas such as Ben­gali Mar­ket, Golf Links, Sar­dar Pa­tel Marg, Panchsheel Marg, Jorbagh, part of Mandir Marg and Ashoka Road, Sun­dar Na­gar. Un­der the scheme, one or two storey struc­tures will be al­lowed, in­clud­ing a base­ment and will lead to in­creased sup­ply

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