Nehru first Delhi home sold for INR 1100 Cr to biz magnate

New Delhi’s costliest residential property transaction is nearing completion, with former Prime Minister Jawaharlal Nehru’s first official residence on 17 York Road (now Motilal Nehru Marg) set to change hands for about Rs.1,100 crore, according to two people aware of the matter.

The 14,973 sq. metre (3.7-acre) plot owned by Raj Kumari Kackar and Bina Rani of a royal family of Rajasthan was originally listed at Rs.1,400 crore.

A business magnate with a strong hold in India's beverage sector is believed to have closed the deal at the lower price. 

Key Highlights:

• Former PM Nehru’s first official residence at 17 York Road set to change hands in a Rs.1,100 crore transaction
• The 3.7-acre LBZ property, owned by a Rajasthan royal family, was initially priced at Rs.1,400 crore
• A leading beverage industry magnate is believed to have finalized the record-breaking purchase

A public notice from a top law firm confirmed the last stage of due diligence. "Our client is keen to purchase residential property located at Plot No. 5, Block No. 14, 17 Motilal Nehru Marg (previously York Road) … and for the same, we are inquiring into the title of the present owners," the notice stated, seeking claims of ownership within a period of seven days.

The house, in which Nehru resided prior to shifting to the Prime Minister's house at 10 Janpath, takes up approximately 24,000 sq. ft of built-up area in the Lutyens' Bungalow Zone (LBZ). Sir Edwin Lutyens designed the LBZ between 1912 and 1930, and it stretches over 28 sq. km with almost 3,000 bungalows, which are largely inhabited by ministers, judges, and high-ranking officials.

Also read: Top 5 Branded Residences in India

"With its prime location, VIP status and enormous space, it's one of the most popular properties, but because of the price, only a handful of billionaires can afford it," said one source close to the deal.