Ansal Group promoter Sushil Ansal’s wife Kusum Ansal has sold her bungalow at Feroze Shah Road in Lutyens’ Delhi for ₹241 crore. The sale comes at a time when the real estate developer is facing multiple legal challenges relating to its business.
The deal, struck at ₹200,000 per sq ft, makes it one of the costliest real estate transactions in the country, surpassing even some of the major transactions done in Mumbai.
The property was listed on the website of India Sotheby’s International Realty. The firm declined to comment on commercials of the transaction but confirmed that Sotheby’s had the exclusive mandate of this asset.
According to the sale deed of the transaction, Gujarat-based Yatah Enterprises bought the property and paid Rs 17.56 crore as stamp duty and corporation tax.
Yatah Enterprises did not respond to ET’s email query. “Ansal API was in stress for quite sometime and some of the proceeds from the bungalow sale was used to settle dues of a lender,” said a person familiar with the deal.
According to Pranav Ansal, son of Sushil and Kusum Ansal, the transaction was done by a lender under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
As per the agreement, Sushil Ansal along with three companies was the owner of the 6,364 sq yard plot, one of the largest in Lutyens’ Delhi.
