Historic property deal: Jawaharlal Nehru’s first official residence set for record sale; Rs 1,100 crore Lutyens’ Zone property to be sold

File picture: Former Prime Minister Jawaharlal Nehru

The iconic bungalow at Motilal Nehru Marg (earlier 17 York Road), which as soon as served because the first official residence of former Prime Minister Jawaharlal Nehru, is set to change arms in what may be the most expensive residential property deal in India.According to ET, the property is being acquired by a businessman with a powerful presence within the home beverage business for about Rs 1,100 crore, towards the homeowners’ unique asking value of Rs 1,400 crore.A number one regulation agency has issued a public discover as a part of the ultimate due diligence. The discover said, “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 of the said property, Raj Kumari Kackar and Bina Rani.”The discover added that anybody with claims on the property should reply inside seven days.The present homeowners, Raj Kumari Kackar and Bina Rani, belong to an erstwhile royal household from Rajasthan. One individual aware of the matter was quoted as saying by ET that, “Given its prime location, VIP status and huge area, it is among the most sought-after assets, but due to the pricing, only a few billionaires can buy it. The due diligence was going on for a year and is believed to have reached its conclusion.”Spread throughout practically 3.7 acres, the property contains round 24,000 sq ft of developed space. It lies throughout the prestigious Lutyens’ Bungalow Zone (LBZ), a 28 sq km space designed by British architect Edwin Lutyens between 1912 and 1930.The LBZ is residence to about 3,000 bungalows, primarily occupied by ministers, judges and senior authorities officers, with roughly 600 properties privately owned by a few of India’s wealthiest people.