Lulu Group arm buys Delhi’s Sunder Nagar bungalow for Rs 89.5 crore

New Delhi: Fair Exports (India) Pvt Ltd, a subsidiary of the Lulu Group International and exporter of meat, fruits, and vegetables, has bought bungalow at Delhi's Sunder Nagar for Rs 89.5 crore, documents showed.

Najimudeen Ebrahimkutty Chief Executive Officer (CEO) of the Fair Exports represented the transaction.

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As per the documents, the firm paid Rs 6.26 crore stamp duty for the transaction.

“Seller, Kuldeep Singh Lamba is also living abroad the the documentation got delayed due to that. Lulu group has been looking for a residential property in Lutyens Delhi for long,” said one person aware of the deal.

Sunder Nagar has emerged as a preferred destination for high-net-worth individuals, and many have purchased bungalows in the tony Lutyens enclave since Covid struck.

Former solicitor general of India Gopal Subramanium had bought a sprawling 866-square-yard bungalow in Lutyens’ Delhi’s Sunder Nagar locality in 2022 for Rs 85 crore.

After Covid, two other plots in the Sunder Nagar area were sold for about Rs 130 crore each.

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Experts said a good chunk of new buyers in the luxury segment have been startup founders who have cashed out after a stake sale.

The homes bought by these executives are mostly located in Mumbai, Goa, Alibaug, and posh Delhi localities such as Jor Bagh, Sunder Nagar and Golf Links.

Despite global headwinds, almost 67% of HNIs and UHNIs are still bullish on India’s growth story over the next 12-24 months.

According to annual luxury residential outlook survey by India Sotheby’s International Realty (ISIR), 67% of wealthy investors expect annualised real estate returns of up to 15% while 53% of buyers invested in luxury real estate for capital appreciation, while 47% purchased for self-use, highlighting a balanced demand mix.

City-based residential properties remain the top choiceamong the wealthy, with 31% prioritising primary residences and 30% focusing on investment assets. With quality inventory tightening and prices moving upwards, interest among HNIs and UHNIs in purchasing second homes has softened over the past year.