A ₹A trophy bungalow worth Rs 1,000 crore is the latest buzz starter in the rare real estate circles of Central Delhi. The sprawling 3.2-acre property on Bhagwan Das Road, owned by Maharaja Manujendra Shah of Tehri Garhwal, has attracted the interest of a Delhi-based businessman with interest in the food and beverage sector. The same buyer was also in news for almost purchasing the first official residence of Jawaharlal Nehru. ₹The Rs 1,111 crore deal, if sealed, will again hit price expectations in the capital’s ultra-luxury market.
If even one of these transactions closes, it will be one of the largest residential deals ever seen in Delhi. So far, sales of prime bungalows have been largely limited to ₹Range of 500-600 crores, there is no example beyond this. A ₹Real estate experts say the Rs 1,000-crore-plus deal will not only break records, but it will also signal a new pricing era for the capital’s trophy homes.
Yet Delhi’s luxury market operates under very different constraints from Mumbai’s freewheeling skyline. In Lutyens’ Delhi, strict redevelopment norms preserve the character of the neighbourhood, while height restrictions, usually limited to four storeys outside Lutyens’ Bungalow Zone, limit vertical expansion. Even on wide plots, the ability to fully utilize FAR (Floor Area Ratio) has been reduced. The result, he says, is that larger properties tend to be attractive ticket sizes, but are defined more by heritage, land and location than by redevelopment.
What we know so far about Maharaja Manujendra Shah of Tehri Garhwal’s bungalow deal
People familiar with the deal told HT Real Estate that both the properties, Jawaharlal Nehru’s first official bungalow at 17, Motilal Nehru Road and 5, Bhagwan Das Road, which the Delhi-based entrepreneur wants to acquire, are currently on lease.
As part of the transaction process for the central Delhi property, a leading law firm acting for the prospective buyer has issued a public notice, a customary step in the final stages of property due diligence. The notice has asked any person or entity having claim or interest on the Bhagwan Das Road property to come forward and submit supporting documents.
The public notice issued mentions that the Bhagwan Das Road property is 3.2 acres (approximately 12949.94 square metres) and the current owner is Manujendra Shah.
According to people familiar with the development, a term sheet has been signed for the Bhagwan Das Road property, while the purchase agreement has been executed for the Motilal Nehru Road bungalow in the Lutyens Bungalow Zone.
Sources said the valuation of Bhagwan Das Road estate could be around ₹1000 crores.
The seller of the Bhagwan Das Road property can be contacted for comments.
The conversion of leasehold properties into freehold in Lutyens’ Delhi (LBZ) is on hold effectively from 2022, experts said. Most LBZ properties are on government lease (usually under the Land and Development Office, L&DO, Ministry of Housing and Urban Affairs).
If we conclude then ₹Rs 1,000 crore deal could become the costliest real estate transaction in Delhi
“If concluded, these two proposed deals could become the highest value residential transactions ever recorded in Delhi, measured by ticket size. The previous benchmark has been in the range of Rs 500-600 crore, and the market has not seen anything higher than that till now,” Shweta Jain, managing director and head, residential services, Savills India, told HT Real Estate.
He said there are many large properties in the market ranging from 1 to 3 acres, but before COVID-19, it was difficult to sell such properties. Circle rates in these prime Lutyens zones are approximately ₹6.5 lakh per square yard, multiplying it by the size of the land parcel would take the valuation to a level that does not appear viable for residential use, which is often close to it. ₹1,000 crores.
Also read: Beverage tycoon snaps up Nehru’s first Delhi home in mega real estate deal
“However, the market has changed significantly since then. Smaller plots of around 500-700 square yards are reportedly trading at close to Rs. ₹100 crore, setting a new pricing benchmark. Current quotations for small parcels are in the range of ₹17-18 lakh per square yard. Even at the circle rate of Rs. ₹At Rs 6.5 lakh per square yard, the value of the three-acre property is effectively about a third of the prevailing per-yard rate for smaller plots in the same micro market,” she said.
Can LBZ bungalows be redeveloped?
The ticket size of these bungalows can be huge, but these properties often come with small built-up areas; However, the land areas are large, which poses limitations to redevelopment. Owners can demolish and reconstruct provided they comply with Lutyens Bungalow Zone (LBZ) regulations on total existing built-up area, height and certain other regulations. There is no flexibility beyond the accepted norms.
If even one of these transactions goes through, it could set a new benchmark for Delhi’s ultra-luxury bungalow market. However, such estates are not easily magnetized and are generally held as long-term trophy assets rather than income-generating properties.
“Full floor space index cannot be commercially exploited, change of land use (CLU) is not permitted, and strict height limitations apply. These properties are largely for end-use, trophy property It is sought after by a select group of ultra-high net worth individuals who want spacious bungalows in prime locations,” said Jain.
What is LBZ?
Lutyens Bungalow Zone (LBZ) is a highly protected, low-density residential enclave in central New Delhi, designed by British architect Sir Edwin Lutyens in the early 20th century. Located on a tree-lined avenue near landmarks such as India Gate, the area is defined by huge bungalows on large plots, strict height and ground coverage caps and stringent redevelopment controls aimed at preserving its heritage character. Governed by special regulations, LBZ properties are rare and tightly held, making them prized trophy properties.
Trophy properties in Delhi and Mumbai: Will the capital get closer to Mumbai’s price benchmark?
Mumbai has consistently recorded large ticket-sized deals with transactions of Rs. ₹ A profit of Rs 400 crore in a year is not unusual. In contrast, Delhi has fewer transactions.
“However, if these proposed transactions are successful, Delhi may come closer to Mumbai in terms of ticket size, although unlike Mumbai, redevelopment restrictions in Lutyens Delhi and restrictions on height (only four floors) in non-Lutyens Delhi may restrict the ability to consume the full FAR on larger plots,” Jain said.
FAR (Floor Area Ratio) is the ratio of the total constructed floor area of a building to the size of the plot on which it stands. This determines how much you are allowed to build on a piece of land.
It is to be noted that in 2021, in one of the biggest property deals in Mumbai, DMart founder Radhakishan Damani and his brother Gopikishan Damani bought a. ₹Independent house worth Rs 1,001 crore in posh Malabar Hill area of Mumbai.
According to reports, the Damani brothers had paid ₹₹30 crore in stamp duty (at the rate of 3%) for a 5,752 square meter (sq. meter) property. The per square foot rate for this property was approx ₹1.6 lakh per sq ft, which was unprecedented, brokers had said then, and added that the built-up area was around 60,000 sq ft.
In November 2025, in one of the largest standalone land purchases in Mumbai, a subsidiary of luxury real estate developer ZYJ Builders & Developers acquired Dwarka Bungalows in Santa Cruz. ₹₹164 crore, according to documents obtained by data analytics firm Zapkey.
Known as Dwarka Bungalow, the property is located on Linking Road in Santa Cruz West. Spread over 1,266.7 square meters (about 13,629 square feet), the property consists of a ground-plus-one structure, as well as a garage and auxiliary shed. Company paid stamp duty ₹The document revealed that Rs 9.8 crore.
In March 2025, of Mumbai The Kapadia family has sold Lakshmi Niwas, a bungalow on Nepean Sea Road with a glorious past associated with India’s independence movement. ₹According to proptech website Zapki, Vageshwari Properties Private Limited received Rs 276 crore.
In June 2025, Mumbai-based Gentex Merchants Pvt Ltd, a company linked to steel tycoon Lakshmi Mittal, purchased a 3,540-square-yard bungalow on APJ Abdul Kalam Road (formerly Aurangzeb Road) in Lutyens’ Delhi. ₹310 crores, one of the most expensive property deals of the year in the Delhi-NCR region. bungalowOriginally built in 1930, it was owned by Yashwant Singh, popularly known as Maharaj Kumar Yashwant Singh of Alwar, and was owned by the former royal family of Alwar.
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