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1 Prithviraj Road up for sale

By Nayantara Rai in New Delhi
November 21, 2007 11:41 IST
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One of Lutyens' Delhi's much sought after addresses, 1 Prithviraj Road, is being put up for sale. Anil Thadani, the founder of private investment advisory firm Schroder Capital Partners, is the owner of the property, which is just under one acre.

SourcesĀ told Business Standard that the property was being valued at Rs 60-80 crore (Rs 600-800 million).

The property is a corner plot on one of the posh roads in Lutyens' Delhi. Besides BJP politician L K Advani, industrialists such as Atul Punj, Naveen Jindal and Ravi Jaipuria live on Prithviraj Road.

The property's valuation seems conservative when compared with the Rs 137 crore paid by Bhushan Steel's Sanjay Singhal last July for a one-acre property at the posh Amrita Shergill Marg.

The Ruias of Essar bought 4, Tees January Marg, a sprawling 2.26 acre freehold property, for Rs 91.7 crore.

The fact that the government is in the process ofacquiring land near this plot for expansion of the Khan Market Road and the location of a cemetery close by could be factors that may have lowered the price in this regard.

"As there is very little supply in Lutyens' Delhi, there is no way for determining prices. The last deal becomes the benchmark for the next," said a property consultant.

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Nayantara Rai in New Delhi
Source: source