Sunday, July 21, 2024

RateGain’s founder buys bungalow in Delhi

According to registry documents accessed by Zapkey, the property was registered on February 24 in the names of Bhanu Chopra and Megha Chopra, and they paid Rs 6.79 crore in stamp duty to Rategain founder Bhanu Chopra for the transaction.

RateGain founder Bhanu Chopra has bought an 850 sq m bungalow at Delhi’s Golf Links for Rs 127.5 crore, three people aware of the development said.

RateGain is a global provider of SaaS solutions for the travel and hospitality sectors.

According to registry documents accessed by Zapkey(dot)com, the property was registered on February 24 in the names of Bhanu Chopra and Megha Chopra, and they paid Rs 6.79 crore in stamp duty for the transaction.

With the purchase, Chopra joins the ranks of several corporate leaders who have bought properties in posh Delhi areas.

“Golf Links has witnessed multiple transactions in recent times, with HNIs preferring the area. The low availability of bungalows has kept the price in check,” said one of the people quoted above.

Recently, Maxop Engineering director ShaileshArora purchased a 575 sq yard bungalow in Golf Links for Rs 68.5 crore.

Earlier, Pawan Agarwal, deputy managing director of DB Group (Dainik Bhaskar), bought a 575 sq yard bungalow in the same area for Rs75 crore.

Sunil Vachani, chairman of Dixon Technologies, and Vishwavir Ahuja, former chairman and managing director of RBL Bank, are among those who have bought bungalows in Golf Links after the pandemic.

Over 75% of high net worth and ultra high net worth individuals believe real estate will do well over the next two to three years, and a similar percentage (74%), consider real estate an important asset to hedge against inflation, according to the annual Luxury Outlook Survey 2023 by India Sotheby’s International Realty (ISIR).

Real estate continues to remain an attractive investment option, with 61% of HNIs and UHNIslooking to buy real estate in 2023-24. High-rise apartments (34%), closely followed by farmhouses and vacation homes (30%), are among the most preferred by affluent investors. Rent yielding commercial real estate is also in demand, as 23% of the HNI respondents said they would like to invest in it.

In 2020, 16 bungalows were sold in Golf Links, the most in a year in recent times, as the pandemic increased demand for ultra-luxury properties with open spaces. The gated colony, abutting the main golf course in the heart of Delhi, is also near several hotspots in the capital.

Related Articles

Latest Articles