Essel Group Chairman Subhash Chandra has reportedly sold a prestigious bungalow located in New Delhi's exclusive Lutyens' area for Rs 1,260 crore, according to sources. The deal ranks among the largest residential property transactions recorded in the national capital in recent times.

The property, spread across nearly three acres on Bhagwan Das Road, occupies a prime location close to major landmarks such as Connaught Place and India Gate. The buyer is understood to be a prominent business family based in Delhi, although their identity has not been disclosed publicly.

Chandra had purchased the bungalow nearly a decade ago for Rs 304 crore. The latest transaction reflects a significant appreciation in value, with the property's price rising more than four times since its acquisition.

Sources familiar with the matter indicated that the formal transfer process is expected to be completed by early December.

The Lutyens' Bungalow Zone remains one of India's most sought-after residential districts. Known for its expansive plots, strict construction regulations and limited availability of properties, the area houses several senior government officials, diplomats, members of the judiciary and leading business personalities.

Real estate experts note that demand for ultra-premium properties has remained strong in recent years despite broader market fluctuations. Since the pandemic, luxury housing markets in both Delhi and the National Capital Region have witnessed a rise in high-value transactions.

Alongside Lutyens' Delhi, Gurugram's Golf Course Road has emerged as a major hub for luxury real estate. Premium residential developments in the city, particularly those catering to affluent buyers, have recorded record-breaking sales and property valuations.

The latest transaction further highlights the growing appetite for marquee real estate assets in India's top urban markets, where scarcity and location continue to drive exceptional valuations.