Monday, March 4, 2013

India’s Lutyens’ Delhi – Location, location, location

Working electricity and other amenities not included.

A house in disrepair, with chipped paint and musty bathrooms. Undrinkable tap water. Poor electricity supply. Sub-zero refrigerator or infinity swimming pool? Forget it! Price range for real estate gems like this one? US$40-70 million, or more. Welcome to the Lutyens’ Delhi neighborhood of India’ capital city. Why would anyone in their right mind pay so much for something with such little upkeep? Location, dahling. Nothing screams “British Raj!” like this leafy district in the heart of New Delhi’s government district. Those with money to burn who want to live in a trophy neighborhood rich in colonial history and rub shoulders with government officials in bureaucracy-rich India have few other choices. The rare multi-acre lots that come up for sale here simply ooze privilege and cache, even though the structures that have been built on them often simply just ooze. Therefore, these properties have proven to be hot hot hot, despite their appearance.

Interested in a closer look? Check out this New York Times article on Lutyens' Delhi property prices. Then grab a suitcase of cash, head to New Delhi, put on your blindfold, and get in line.

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