Aakash Educational Services’ MD buys bungalow for Rs 137 crore

Earlier, JC Chaudhary, the founder of Aakash Educational Services Ltd, has purchased a 5-acre farmhouse in south Delhi for around Rs 96 crore.

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Aakash Chaudhry Co-Promoter & Managing Director of Aakash Educational Services Limited (AESL) has bought a 1300 square metre bungalow at Delhi’s Kautilya Marg for Rs 137 crore, three people aware of the deal said.

According to the documents by Zapkey.com, Chaudhry paid Rs 8.2 crore as stamp duty for the property, registration for which happened on August 1.

This is the third high value transaction by Chaudhry family after the ed-tech platform Byju’s acquisition of the tutorial chain in a cash and stock deal for $950 million.

Earlier, JC Chaudhary, the founder of Aakash Educational Services Ltd, has purchased a 5-acre farmhouse in south Delhi for around Rs 96 crore. Before that, Chaudhry bought a 2,000 square yard property in south Delhi’s Vasant Vihar area for over Rs 100 crore.

An email query to AESL remained unanswered till press time.

“Central and South Delhi continue to be the most sought-after property destinations. Recently, CBRE facilitated one of the biggest residential transactions in the region with the transaction of a sprawling 866 sq yard bungalow in Sundar Nagar, one of the city’s most upmarket residential addresses,” said Gaurav Kumar, Managing Director and Co – Head Capital Markets & Residential, CBRE India.

Residential sector is poised for a strong 2022 as both sales and new launches are set for a robust performance after exhibiting resilience last year. In fact, housing sales jumped 121% Y-o-Y to about 76,000 units in Q2 2022, recording 9% Q-o-Q growth.

“As we move closing to end of the year, we believe the segment can be anticipated to gain further traction,” Kumar added.

Besides mid-range and affordable categories, premium and luxury categories are also seeing an increase in demand, fueled by expected capital appreciation and increased activity by HNIs and NRIs.

The growth of the segment is especially prevalent in the Delhi-NCR market, where some of the best properties where many developers are effectively delivering world-class; and a ‘close to nature’ living experience.

“South Delhi and Lutyens Delhi continues to attract HNIs and many are buying second home in the locality, which is most sought after in the country. This had also led to a gap between demand and supply but properties with clean title always get buyer,” said Pradeep Prajapati, founder of Wealthvisory Capital, a boutique real estate consultancy firm.

Wealthy businessmen and executives are looking for sprawling properties after being home-bound during the lockdowns last year and now.

Recently, Zishaan Hayath, founder of Toppr.com which was last year acquired by edtech firm Byju’s, bought a 4,000-sq-ft sea-facing apartment in a project of developer Rustomjee at Bandra in Mumbai for Rs 41 crore.

Buyers such as business families, startup founders and top CEOs have been paying Rs 50 crore to as much as an eye-watering Rs 1,000 crore in the past few months for residences.

Property consultants say large families selling jointly owned bungalows situated at choice locations are driving up the supply of high-value properties in Delhi and other metro cities. The properties are largely either owned by the elderly or multiple members of the next generation.