Cosmo Films’ founder buys bungalow for about Rs 80 crore in Delhi – ET RealEstate

Ashok Jaipuria, founder of Cosmo Films, has bought a 1,200 square yard bungalow in south Delhi’s West End Colony for about Rs 80 crore, said two people aware of the deal.

The deal concluded at market rate last month, they said.

There has been a spate of high-value transactions in Lutyens’ Delhi and south Delhi since the lockdown was lifted in May last year, with entrepreneurs and ultra-high-net-worth individuals (HNIs) looking for bigger homes in Delhi’s poshest colonies.

Surrounded by Shanti Niketan, Vasant Vihar and Chanakyapuri, West End is among the most sought-after locations by ultra HNIs who prefer independent bungalows.

“There is very limited inventory available in this region and areas like West End, Shanti Niketan and Vasant Vihar offer properties which are on a par with those in Lutyens’ Delhi. More transactions are expected to conclude in the next few days as serious buyers are ready to finalise the properties,” said Pradeep Prajapati, head of luxury residential service for IQI India.

Cosmo Films declined to comment on the transaction. “The company, Cosmo Films, does not have information on this and therefore won’t be in a position to comment,” said a spokesperson for the listed firm, which manufactures speciality films for packaging, lamination and labelling applications.

Commenting on the spurt in big-ticket deals, Shashank Vashishtha, executive director at eXp Realty India, a subsidiary of eXp World Holdings, a cloud-based real estate brokerage firm, said: “Most of the buyers who have purchased houses recently were in the market for two-three years and some of them were even living on rent in the same locality. The pandemic has made them realise the importance of owning a house and it has also given them the bargaining power.”

According to brokers, transactions in West End colony are closing between Rs 80-100 crore.

Recently, former additional solicitor general of India Vikas Singh bought an 860 square yard bungalow in Sunder Nagar in Lutyens’ Delhi for about Rs 70 crore.

Property consultants said the Delhi government’s decision to reduce circle rates by 20% across property categories for the next six months will give a further boost to the market.

Industry experts said that in upscale south Delhi areas such as Maharani Bagh, Vasant Vihar, New Friends Colony and Panchsheel Park, the circle rates were higher than the market rates and many sellers were thus unable to slash prices, fearing penalties from the tax authorities.

A reduction of 20% in the circle rates, they said, would have an impact close to reduction of 1% in the stamp duty or registration charges.

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