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Mastcraft Properties Private Limited has recently sold a homestead in South Delhi's Rangpuri area to Aamor Inox Limited for a substantial Rs 87.5 crore. This property encompasses 12 bighas of farmland along with a farmhouse. The transaction, finalized on September 27, involved the payment of a stamp duty amounting to Rs 6.12 crore by Aamor Inox Limited, as per documents accessed by CRE Matrix, a real estate data analytics firm. Situated in the village of Malikpur Kohi alias Rangpuri in South Delhi, this deal is the latest addition to a series of large real estate transactions in the city this year. Aamor Inox Limited, known for its expertise in manufacturing stainless steel bars, secured this property as part of its strategic acquisitions. This high-profile deal aligns with the trend of notable real estate transactions in Delhi during the current year. Laxmi Devi Agarwal, the wife of Devkinandan Agarwal, the promoter of GR Infraprojects Limited, acquired a bungalow in Vasant Vihar for Rs 86 crore in September. Additionally, Renu Khuller, the director of Global Dent Aids, purchased a bungalow in Nizamuddin East for Rs 61.70 crore in August. Other noteworthy transactions include Lenskart co-founder Peyush Bansal's acquisition of a house in Neeti Bagh for Rs 18 crore in May and Vasudha Rohatgi, the wife of former Attorney General of India Mukul Rohatgi, purchasing a bungalow in Golf Links for Rs 160 crore in March. The farmland and farmhouse were transferred to Aamor Inox Limited through a sale deed executed on September 27. This coincided with the Delhi government's proposal to increase the circle rate for agricultural land. The surge in such deals reflects the growing preference among affluent individuals, including businessmen and executives, for farmhouses. This trend gained momentum during the pandemic when stringent mobility restrictions were imposed, prompting a desire for spacious and tranquil residences. As per property experts, farmhouses in areas near Delhi and other prominent cities are becoming increasingly attractive to high net worth individuals and celebrities. In light of this, the Haryana government recently introduced a policy for the planned development of low-density eco-friendly colonies, and a similar policy is anticipated from the Delhi government in the Master Plan 2041. Delhi stands out as the only city in India that has demarcated specific areas for farms in its master plan. These farm areas are clustered around Mehrauli, Bijwasan, Rajokri, and Chattarpur. However, concerns have been raised by experts about urban villages on the outskirts of the national capital transforming into slums with illegal constructions and inadequate infrastructure. Beyond Delhi, farmland on the outskirts of major cities across India is witnessing increased demand, attracting buyers ranging from celebrities to executives of multinational corporations. Notably, Suhana Khan, the daughter of Bollywood superstar Shah Rukh Khan, has invested in homes and tracts of land in Alibaug near Mumbai, a popular destination for celebrities and high net worth individuals to own farmland. The most sought-after locations for farmhouse properties are those within convenient driving distance from Mumbai, such as Alibaug and Lonavala. Additionally, areas near Delhi, Rishikesh, and Dehradun are gaining popularity as desirable destinations for farmhouse investments. The strategic acquisition by Aamor Inox Limited aligns with this broader trend, reflecting the evolving landscape of real estate preferences among affluent individuals in India.
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