Indiabulls Commercial Credit Buys a Property in South Delhi for Rs 60 Crore.

IBCCL, a wholly owned subsidiary of Indiabulls Housing Finance Ltd. (IBHFL), has paid Rs 60 crore to Sheela Gehlot, wife of Ambience group promoter Raj Singh Gehlot, for four floors in Anand Lok in south Delhi.

The house is situated on a 780-square-yard lot, with the first four floors being registered separately. According to documents obtained by CRE Matrix, a real estate data analytics firm, all floors were sold for Rs 15 crore each, with the exception of the first floor, which was sold for Rs 14.85 crore.

“Gehlot completed the redevelopment and built independent floors after purchasing the property from another seller.”This property is likely to be resold by Indiabulls. They took over to make sure the title was clear”—according to a source close to the deal.

The email inquiry was not returned by Indiabulls. Arjun Gehlot, Sheela Gehlot’s son, did not return calls or messages. Last year, Raj Singh Gehlot paid Rs 80 crore for a 575-square-yard bungalow in New Delhi’s Lutyens Zone’s Golf Links neighborhood.

The Lutyens Bungalow Zone and South Delhi, New Delhi’s equivalents of Greenwich and Mayfair in London, have seen the highest number of property registrations in three years, with uber-rich investors acquiring assets in areas where demand typically exceeds supply. There was a high demand for ultra-luxurious properties in areas such as Vasant Kunj, Vasant Vihar, Golf Links, Sunder Nagar, and Shanti Niketan.

Ambience Group has been selling real estate assets to reduce debt. Elan Group recently paid approximately Rs 200 crore for a 7.65-acre land parcel in Gurgaon from Ambience Group.
Furthermore, the company is attempting to sell a land parcel in Noida for approximately Rs 700 crore.