India's Costliest Home Deal? Jawaharlal Nehru's First Delhi Residence In Lutyens' Zone To Sell For ₹1,100 Crore

(MENAFN- Live Mint) In what could become India's most expensive residential property transaction, the historic bungalow at Motilal Nehru Marg - once the first official residence of former Prime Minister Jawaharlal Nehru - is close to being sold for an estimated ₹1,100 crore.

The property, located in the prestigious Lutyens' Bungalow Zone (LBZ), is being acquired by a prominent businessman from the domestic beverage industry, according to a report by The Economic Times.

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The current owners of the bungalow, Raj Kumari Kackar and Bina Rani, are members of an erstwhile royal family from Rajasthan. Initially, they had sought ₹1,400 crore for the property.

However, negotiations appear to have settled at around ₹1,100 crore, still placing it among the highest-value residential property deals ever seen in the country.

A leading law firm representing the buyer has issued a public notice, confirming the due diligence process is in its final stages, according to the Economic Times report.

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The notice reads:“Our client is desirous of acquiring residential property situated at Plot No. 5, Block No. 14, 17 Motilal Nehru Marg, New Delhi – admeasuring 14,973.383 sq m – and for the same, we are investigating the title of the current owners.”

The statement also called upon any individual with claims to the property to come forward within seven days.

Why is this property so significant?

This Lutyens' Zone bungalow is not just valuable for its size and location in Delhi but also for its historical importance.

Spread across 3.7 acres, the property includes 24,000 sq ft of built-up area. It served as Jawaharlal Nehru's first official residence before he moved to the more well-known Teen Murti Bhavan.

The Lutyens' Bungalow Zone, designed by British architect Sir Edwin Lutyens between 1912 and 1930, remains one of India's most exclusive and secure residential enclaves. The 28 sq km zone is home to ministers, senior government officials, judges, and some of India's wealthiest business families.

Of the nearly 3,000 bungalows in this zone, about 600 are privately owned, making them rare and highly coveted assets.

“Given its prime location, VIP status and sheer scale, only a handful of billionaires can even consider purchasing such a property,” a person familiar with the deal told ET.

“The due diligence has been ongoing for nearly a year and now appears close to completion.”

What does this mean for Delhi's luxury property market?

If finalised, this transaction will set a benchmark for luxury real estate deals in India, highlighting the growing appetite for ultra-premium properties in Delhi's most sought-after neighbourhoods.

Experts note that Lutyens' Zone properties rarely come to market, and when they do, they are fiercely contested by a small circle of billionaires and industrialists.

This record-breaking sale underscores both the heritage value of New Delhi's colonial-era architecture and the status symbol such properties represent in India's elite circles.

With due diligence nearly complete, the final transfer could take place within weeks, cementing the Motilal Nehru Marg bungalow's position in history - not just as Nehru's former residence, but as one of India's costliest homes ever sold.

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