NEW DELHI: Tata Housing has paid Rs 218 crore to buy a bungalow on a one-acre plot in the centre of Delhi’s Connaught Place, with plans to build luxury apartments in a low-rise complex.
The real estate arm of the diversified Tata Group has bought the bungalow on 2, Hailey Road from the Singh family, consisting of two sisters and two brothers. The family members, who had filed a suit in the Delhi High Court for partition of the property, agreed to a sale to the Tatas more than one person involved in the deal said.
These sources said that the Tatas are planning to pull down the bungalow and build a low-rise complex consisting of apartments that could cost as much as Rs 30 crore each. The last time apartments were sold in and around Connaught Place was in 2000, when real estate firm Ansal built a residential complex, Upasana, on the same street.
While the Singhs could not be reached for comment, a lawyer who represented one of the parties confirmed the deal. In an emailed response, Tata Housing said: “This property transaction is being continuously monitored and directed by the Hon’ble Delhi High