New Delhi: As the old saying goes, in real estate it's all about location, location, location.
That adage certainly seemed to have been proven true Wednesday in New Delhi, where news broke that a home in the city's leafy heart sold for a whopping Rs 137 crore ($29 million).
The 12,000-square foot house situated on an acre of land along New Delhi's tree-lined Amrita Shergill Marg was recently bought from the Dutch Embassy by the chairman of Bhushan Power and Steel, Sanjay Singal, the Indian Express reported.
The price tag puts the home among the city's most expensive in living memory, just behind a Rs 165 crore ($35 million) house bought last year by another Indian industrialist.
It also was the latest sign of a real estate boom in a country better known to outsiders for its sprawling shanty towns and homeless beggars.
With India's economy among the world's fastest growing, real estate prices have shot up in dozens of its cities. It's now common for large houses built to hold generations of one family to sell for millions of dollars in upscale neighborhoods.
But the gems of the city's real estate are found in what's known as the Lutyens Bungalow Zone - the shady streets dotted with sprawling whitewashed homes built in the 1920s and 1930s as part of master plan for the city designed by British architect Edward Lutyens.
Singal's new home isn't one of the famed Lutyens bungalows, but being in the historic zone means there's no chance of it being overtaken by the ungainly sprawl that spreads out from New Delhi's suburban center.
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