JC Chaudhry, the founder of Aakash Educational Services, has bought a bungalow in Delhi’s Greater Kailash for Rs 51 crore and three uber-luxury apartments at DLF’s The Camellias for around Rs 150 crore, two people aware of the transactions said.
The Chaudhry family has already made three high-value property transactions in Delhi recently after the tutorial chain was acquired by edtech platform Byju’s in a $950-million cash and stock deal.
Documents by Zapkey.com showed Chaudhry paid Rs 3.06 crore as stamp duty for the Greater Kailash property. The Gurgaon property has not been registered yet, but Chaudhry has started the fit-outs, said one person familiar with the development.
“The Greater Kailash property has been bought from Infinity Buildwell and is spread across a 1,000 square yard plot. Recently, Neha Bansal, co-founder of eyewear retailer Lenskart, has bought a 400-square yard bungalow in the same locality for Rs 22 crore,” said one of the two people cited above.
In August, Aakash Chaudhry, co-promoter and managing director of Akash, bought a 1,300-square-metre bungalow in Delhi’s Kautilya Marg for Rs 137 crore.
Earlier, JC Chaudhry had purchased a 5-acre farmhouse in South Delhi for around Rs 96 crore.
Before that, he had bought a 2,000-square-yard property in south Delhi’s Vasant Vihar area for over Rs 100 crore.
An email query to AESL and Infinity Buildwell remained unanswered.
“Robust growth is expected in the Indian luxury/high-end residential market over the next few years. The concentration of high-net-worth individuals in India fuels the demand for high-end properties in the country,” said Anshuman Magazine, Chairman & CEO – India, South East Asia, Middle East & Africa, CBRE.
Due to the normalization of work-from-home culture, potential buyers are seeking larger spaces that will provide them with an elevated lifestyle, secure their overall wellbeing, and provide cohesive integration of the new work modes.
About 85,000 units were launched in Q3 2022; with high end/premium/luxury properties making up 22% of overall supply due to greater appetite for such spaces, amidst increased activity by HNIs and NRIs.
The premium and luxury categories are witnessing an increase in demand, fueled by expected capital appreciation and increased activity by HNIs and NRIs.
After being stuck at home during the lockdowns last year and now, wealthy businessmen and executives are looking for large homes.
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 by developer Rustomjee at Bandra in Mumbai for Rs 41 crore.
Buyers such as business families, startup founders, and top CEOs have been paying between Rs 50 crore and up to Rs 1,000 crore in the past few months for residences.