Rajan Bharti Mittal sells south Delhi property for Rs 45 crore

Experts said the scarcity of such properties available for outright sale in prominent Delhi addresses will ensure that prices remain high despite market fluctuations in other parts of the city.

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Bharti Enterprises vice chairman Rajan Bharti Mittal has sold a 500-square-metre property in Delhi’s Vasant Vihar for Rs 45 crore, data from Zapkey.com shows.

Mittal joins a list of promoters who have either bought or sold properties in South Delhi or Lutyens’ Delhi since the lockdown was lifted in May last year.

The property has been purchased by Ankit Jain, who could not be contacted.The registry for the property was done on April 19.

A query emailed to Bharti Enterprises remained unanswered till press time.Experts said the scarcity of such properties available for outright sale in prominent Delhi addresses will ensure that prices remain high despite market fluctuations in other parts of the city.

Mittal had bought a 1,200-square-yard property in Delhi’s Shanti Niketan for about Rs 85 crore on September 9 last year. The property, spread over nearly 10,000 sq ft, is near the consulates, Lutyens’ zone, airport and major business districts, and was bought at a rate of Rs 7.5 lakh per square yard.

According to property consultants, Delhi government’s plan to increase circle rates – or floor rates for property deals – by up to 30% is likely to impact the sales in category A localities – Maharani Bagh, New Friends Colony, Panchsheel Park, Vasant Vihar and Hanuman Road – where the market rates are significantly below circle rates and will be very counterproductive.

Circle rates, or the minimum rates for valuation of land and immovable properties in residential, commercial and industrial areas in the city, were last revised for all existing categories in 2014.