HCL chairman Shiv Nadar buys bungalow for daughter at Rs 115 crore

October 31, 2014 08:54

HCL chairman Shiv Nadar has bought a bungalow for his daughter Roshni Nadar in the Friends Colony East area of Delhi for Rs 115 crore making it one of the largest recent transactions in an area of Delhi outside of the Lutyens Bungalow Zone (LBZ), a financial daily has reported.

The 1,930-sq yard plot will be re-built into a sprawling mansion, fulfilling the requirements of Nadars daughter and his son-in law, the paper reported.

The Delhi government in September hiked the circle rates -the minimum valuation at which properties have to be registered-by up to 20 percent with an aim to check black money component in sale and purchase transactions.

As per the decision approved by Lt Governor Najeeb Jung, the circle rate has been increased to Rs 7.74 lakh per square metre of land from Rs 6.45 lakh in category A residential colonies like Friends Colony, Greater Kailash, Defence Colony, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Golf Links and Hauz Khas.

This means nobody would be allowed to buy land and immovable properties in these colonies for less than Rs 6.45 lakh per sq m. However the Nadar's deal was concluded just before the latest revision, the paper further said.

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