16-10-06
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#5
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But what is this.....?
Quote:
New Delhi: While real estate is booming in the Capital, prices of bungalows in Lutyens’ Delhi are literally going through the roof. In the last four years, prices here have gone up over three times — a whopping figure considering that the zone is seen as a ‘mature’ market.
The super-boom was in evidence again in a recently-concluded deal, when Essar’s Ruias bought a bungalow, 4 Tees January Marg, on 2.26 acres of land at Rs 91.7 crore. Seen in the context of the very low constructed area permitted within the Lutyens’ zone, it was a huge amount.
According to a real estate consultant who studied 4 Tees January Marg, only around 6,000 square feet can be constructed on the plot. This translates to a staggering price of Rs 1.52 lakh per square foot, an unprecedented value for real estate anywhere in the country.
The one-acre property on Amrita Shergil Marg which Sanjay Singal bought for Rs 137 crore a couple of months ago worked out to Rs 1.14 lakh per sq ft as the permitted built-up area on the plot is just 12,000 sq ft.
The Singal deal shows how much the prices have escalated. In 2002, Sunil Mittal had bought the 19, Amrita Shergil Marg bungalow for Rs 38 crore, which is less than one-third the price Singal paid for a similar property on the same road.
Source: TOI, 05/10/06
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Does this news report depict the price correction theory? 
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