Subhash Chandra nets Rs 1,260 crore from sale of Lutyens’ bungalow

In one of the biggest real estate deals ever in the country, Zee group founder Subhash Chandra has reportedly sold his bungalow in Delhi’s Lutyen’s Zone for a whopping Rs 1,260 crore. Sources say the buyer is a prominent Delhi-based business family without revealing further details, including the identity.

The 2.8-acre property on the Bhagwan Das Road sits bang in proximity of national landmarks like Mandi House and Bharat Mandapam.

The 75-year-old media baron is said to have purchased the property in 2015 for Rs 304 crore. At first glance, the property has given him returns of 314 per cent over 11 years, but the CAGR of 14.9 per cent is even more impressive given the uncertainty of the times.

The sale price per square foot comes to a very impressive Rs 1.03 lakh, reaffirming the status of Lutyen’s Zone as one of the priciest pieces of land in the country. Plots in this area are very rarely on sale, and as a result, prices are skewed in favour of the seller.

Sources told Business Today the deal has been sealed and will be closed much before December.

The deal comes just months after it was revealed that Maharaja Manujendra Shah of Tehri Garhwal was selling his 3.2-acre bungalow in the same area to a Delhi-based entrepreneur for Rs 1,000 crore.

MUST READ: Ranbir Kapoor buys land in Ayodhya; invests ₹3.3 crore in THIS luxury project

MUST READ: DLF, Lodha, Sobha, Oberoi Realty, Brigade among to real estate-picks; check target prices

Earlier, Jawaharlal Nehru’s first official residence at 17, Motilal Nehru Marg, was sold last year for around Rs 1,100 crore.

Other 2025 deals included a 95-year-old bungalow on APJ Abdul Kalam Road for Rs 310 crore and a bungalow on Feroze Shah Road for Rs 241 crore.

Lutyens’ Bungalow Zone, spanning nearly 28 square kilometres and comprising about 3,000 bungalows, is one of the country’s most exclusive residential districts. Most of these properties continue to be government-owned and are occupied by cabinet ministers, judges, top bureaucrats, and embassies.

Just 600 of the bungalows in the zone are privately owned, typically by prominent industrialists, business families, and erstwhile royals, reinforcing the area’s status as a symbol of prestige and influence.

The exclusivity factor and the astronomical prices are further enhanced by the fact that construction in the LBZ is heavily restricted by the Ministry of Housing and Urban Affairs and the Delhi Urban Art Commission to preserve the area's ultra-low density and heritage character.

MUST READ: Akshay Kumar sells two Mumbai apartments for ₹7.1 crore; here's what he originally paid

The primary restrictions on construction are centred on preserving the low-density and heritage character of bungalow zones. Any new construction must generally conform to the plinth area and height of the pre-existing bungalow on the plot. Where the plot is vacant, the permissible height is typically linked to the lowest height of the bungalows on the immediately adjoining plots. Floor Area Ratio and ground coverage are also tightly regulated, with FAR often capped within prescribed limits depending on the applicable zone, and ground coverage restricted to a small percentage to retain large gardens, open spaces, and the overall green character of the area.

MUST READ: Lutyens land tussle: Centre takes possession of 15-acre Jaipur Polo Ground

Additional controls apply to the use, design, and redevelopment potential of such properties. Basements are usually permitted only for limited non-habitable purposes, such as underground parking, services, or household storage.

Building plans require mandatory scrutiny and clearance from heritage and architectural regulatory authorities, including bodies such as the DUAC, to ensure that the proposed design remains in harmony with the surrounding colonial or heritage aesthetic. Commercialization, high-rise development, and dense group-housing projects are not permitted in residential bungalow zones, and any redevelopment must strictly comply with the applicable low-density planning norms.

MUST READ: Has Indian real estate become too expensive? CREDAI president weighs in