Brothers Rajesh Mehra and Ajay Mehra, directors of India’s premium sanitary ware company Jaquar, have bought three farmhouses in Delhi’s Westend Greens for around Rs 235 crore, three people aware of the deal said. The farmhouses bought by Mehras, who entered Forbes India’s rich list in 2019, are spread over 2.5 acres each.
Sprawling farmhouses in and around the national capital are in demand with wealthy businessmen and executives looking out for more open spaces after being home-bound during the Covid-19 disruption. Over 50 transactions for such properties were closed in the past six months, compared with an average of two to three deals a month before the Covid-19 outbreak, according to property brokers in New Delhi.
“People are looking for open spaces and all the amenities within it so that they don’t have to step out even for outdoor games,” said Amit Goyal, CEO-India at Sotheby’s International Realty. “They prefer wellness and that is why farmhouses have been in demand in the last 6-7 months. With the farmhouse, you get swimming pool, kids play area, space for yoga and other outdoor activities within the complex, while you may have to step outside for these things if you were living in a posh condominiums at a city centre.”
The Mehras did not respond to ET’s email query.
According to the brokers active in the region, about 300 farmhouses ranging from Rs 10 crore to Rs 150 crore are on sale in areas such as Westend Greens, Sultanpur, Pushpanjali, Vasant Kunj, DLF Chhattarpur, Radhey Mohan Drive and Ansal Satbari.
“Besides purchase, there has been demand for rental properties also, as a lot of people want to shift to a farmhouse temporarily. The rents range from Rs 2 lakh to Rs 15 lakh a month,” said Pradeep Prajapati, head of luxury residential service IQI India.
According to property consultants, the Green Development Area (GDA) Policy approved by the Delhi Development Authority (DDA) will provide an integrated framework for ‘green-oriented’ development in the city and increase the supply of farmhouses in the capital.
The policy aims to regulate development in designated rural areas and green belts in the city.
The draft policy seeks to incorporate the low density residential areas (LDRA) of the capital where most of the farmhouses are located.
Encouraged by the growth in demand, many developers are planning to come up with gated colonies of farmhouses, where every need of buyer will be taken care of.
There are about 4,000 farmhouses in 18 villages in and around New Delhi, spread over half an acre to 2.5 acres.
Farmhouses come with more than just open spaces. They have facilities such as power backup, swimming pool, tennis court and space for other outdoor activities. Luxury farmhouses, such as those in Westend Greens, can cost as much as Rs 150 crore.
In satellite towns further from the Capital, there is an abundance of farmhouses and available farmland but due to the lack of credible developers, HNIs prefer to invest in Delhi.