By Accommodation Times Bureau
The real estate firm of Tata Group, Tata Housing has recently buy a bungalow which is spread on one-acre land in Delhi’s Cannaught Place worth 218 crore. The next plan in pipeline is too build a luxury apartment of low rise complex that could cost as much as Rs. 30 crore each. Sources to be believed, the bungalow was caught up in families legal problems is now resolved with the help of lawyers. The bungalow which is under the monument protection by the Archaeological Survey of India. These types of bungalow generally come under the ASI guidelines that do not permit any construction within 100 meters.
However, only a small part of the bungalow is falling within that zone. Most of the plots fall under a separate set of ASI guidelines, covering constructions between 100 and 300 meter. Under these guidelines the Tatas are allowed to build their projects. Tata Housing authorities said, ‘’that any future development on the plot would be conformity with subject and applicable to all laws. All provisions of law laid down by Archaeological Survey of India (ASI), National Monuments Authority, MPD 2021, Delhi Building By-Laws 1983 and laws/directions of local bodies and regulatory authorities will be strictly adhered to in letter and spirit.’’
Though the bungalow is not part of the Lutyen’s Bungalow Zone, it will definitely fetch premium due to its location. Also, in the LBZ, a number of restrictions apply on how much can be built on a piece of land and the kind of modifications that can be done to existing structures, which often results in the property fetching comparatively low bids.
The LBZ area, is a home to top-notch businessmen and politicians which have seen high-end growth in this area