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Delhi's most expensive realty deal: Torrent Group buys bungalow in Lutyen’s Zone for Rs 111 cr

NEW DELHI: Ahmedabad-based drug-to-power firm Torrent has bought a bungalow in a tony part of Delhi's central diplomatic enclave for Rs 10 lakh per yard, creating a record for the most expensive real estatedeal in the city.

The bungalow on Dharam Marg in Chanakyapuri, which is situated near the American embassy, stands on a 1,112.4 sq yards plot and was bought jointly by Torrent group companies Torrent PowerBSE 0.12 % and Torrent Pharma for Rs 111 crore.

In recent times, similar-sized plots in central Delhi locations like Golf Links and Shanti Niketan have been sold for Rs 8-8.5 lakh a sq yard. Bungalows in the leafyLutyen's Bungalow Zone (LBZ) sell at a lower tag of Rs 5 lakh a sq yard because of building restrictions and high overall value of the deals.

Torrent is promoted by brothers Sudhir and Samir Mehta, whose father UN Mehta, a government clerk-turned medical representative for drug firm Sandoz, had set up the firm in 1959. The Mehtas' acquisition in Delhi comes close on the heels of another Ahmedabad-based business group, Adani, buying a bungalow in Golf Links for Rs 140 crore.