New Delhi: One of India’s leading real estate companies, the Bengaluru-based Prestige Group, has sold a prime bunglow in Lutyens Delhi, making a significant profit. The bungalow was sold at the cost of Rs 450 crore, ending the company’s luxury project plans.

Notably, the deal showed the complexities in one of India’s most prime locations. It also showed how real estate firms approach large projects nowadays. The Presige Group had earlier purchased the bungalow from TDI Infratech at the cost of Rs 300 crore and sold it at the cost of Rs 450 crore, making a profit of Rs 150 crore.

The deal marked a rare high-value stand-alone sale

As per magicbrics.com, the deal marked a rare high-value stand-alone sale at Lutyens’ Bungalow Zone (LBZ), which is one of the most expensive real estate pockets across the country but also around the world as well.

Prestige Group planned an ultra-boutique project in Lutyens Delhi

Importantly, the company earlier planned an ultra-boutique project in Lutyens Delhi, which would have perhaps included 8-9 ultra-premium residences. The progress was, however, slowed due to strict regulations and lengthy approval processes in Lutyens’ Delhi. Several clearances are required for demolitions or redevelopment projects here.

The delay led to a rethinking of the planning

The delay led to Prestige Group rethinking its plan and monetising assets rather than holding a stalled project. The sale now helps the company to think about other projects. Even as the company has exited Lutyens Delhi, it continues to work on other projects in Delhi-NCR. One of its major flagships is the Prestige City Indirapuram - a 62.5-acre township in Ghaziabad with residents and retail components. The company has also launched several housing projects, selling thousands of units at crores in bookings.