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Sidhant Real Estate, led by DLF chairman Rajiv Singh and his family, has purchased a bungalow on Prithviraj Road in Lutyens' Delhi for INR 150 crore. The seller, Rangoli Resorts, directed by Sheela Foam executive chairman Rahul Gautam and his family, also bought a bungalow on Hailey Road for INR 165 crore. Stamp duty payments for these high-value transactions were recorded at INR 10.5 crore and INR 11.55 crore, respectively. The deals, registered last year, reflect the continued demand for ultra-luxury real estate in New Delhi's prime locations.
Sidhant Real Estate, a firm promoted by DLF chairman Rajiv Singh and his family, has acquired a sprawling bungalow on Prithviraj Road in the prestigious Lutyens' Delhi area. The property was purchased for INR 150 crore from Rangoli Resorts, a company associated with Sheela Foam executive chairman Rahul Gautam and his family. Advertisement
Rangoli Resorts, on the other hand, made its own high-profile purchase, acquiring a bungalow on Hailey Road for INR 165 crore. Sheela Foam is widely recognised for its Sleepwell brand, which offers mattresses and comfort accessories.
Documents obtained from real estate data analytics firm CRE Matrix reveal that Sidhant Real Estate paid INR 10.5 crore in stamp duty for the Prithviraj Road transaction, while Rangoli Resorts paid INR 11.55 crore for the Hailey Road property. Both transactions were registered during October last year.
These deals are part of a broader trend in Delhi's ultra-luxury real estate market. Lutyens' Delhi has consistently attracted high-net-worth individuals due to its exclusive appeal. For instance, a bungalow on Amrita Shergill Marg was sold for around INR 170 crore in 2021, while another property in the area set a record in 2020 with a sale price of approximately INR 250 crore.
Corporate leaders and industrialists have been prominent buyers in this market. Renuka Talwar, daughter of DLF chairman KP Singh, purchased a bungalow in Lutyens' Delhi for INR 435 crore in 2021. Similarly, Sunil Vachani, founder of Dixon Technologies, acquired a property for INR 170 crore in 2022. High-value transactions like these also contribute significantly to state revenues through stamp duty payments. The demand for ultra-luxury properties in Delhi, Mumbai, and other major cities has bolstered government coffers in recent years.
The Prithviraj Road and Hailey Road properties were listed by India Sotheby's International Realty, although the firm, along with DLF and Sheela Foam, declined to comment when approached earlier this week. Adding to the growing list of luxury property acquisitions, Anurang Jain, managing director of Endurance Technologies, recently purchased a 1,350-square-yard bungalow on Kautilya Marg in New Delhi for INR 130 crore.
The recent transactions by Sidhant Real Estate and Rangoli Resorts reaffirm the sustained demand for luxury real estate in Lutyens' Delhi. Known for its exclusivity and historical significance, the area remains a coveted destination for high-net-worth individuals. The consistent interest from prominent business leaders and industrialists highlights the market's strength, further supported by record-breaking deals in recent years. Substantial stamp duty revenues from such transactions also reflect the financial impact of Delhi's luxury real estate sector. As Lutyens' Delhi continues to be a symbol of status and affluence, this trend of high-profile acquisitions is expected to endure.
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