PE exec, non-profit founder wife buy swank Golf Links property for ₹155 crore

In two high-end bungalow deals in Delhi’s posh Golf Links area, Sanjay Kukreja, chief investment officer at a private equity firm, Chryscapital Management Company, and his wife Shaveta Sharma, CEO and managing director at Central Square Foundation, have bought a property for ₹155 crore from the seller Pradeep Varma, who in turn has bought a bungalow in the same area for ₹78.50 crore, property documents accessed by CRE Matrix showed.

Sanjay Kukreja and Shaveta Sharma paid a stamp duty of ₹9.30 crore for the ₹155 crore property deal in Delhi’s upscale Golf Links area. The property spans 11,250 sq. ft with a plinth area of 7,993 sq. ft, and the transaction was registered on February 7, according to property documents.

Meanwhile, the seller, Pradeep Varma, purchased a bungalow in the same area from Naraind Kapur and his family for ₹78.5 crore, paying a stamp duty of ₹5.49 crore. This transaction was registered on February 15. The bungalow sits on a plot of 6,498 sq. ft with a plinth area of 14,625 sq. ft, the documents showed.

Emails have been sent to Sanjay Kukreja and Pradeep Varma. The story will be updated in case a response is received.

Unique property deal in Golf Links: Single-owner sells bungalow for ₹155 crore

Property consultants familiar with the deal told HT.com that the transactions are noteworthy because a single-owner bungalow was purchased for ₹155 crore, while the same buyer acquired a slightly smaller property from a family (multi-owned) in the same area for ₹78.5 crore.

“The seller has successfully monetized his property and used part of the proceeds to buy another bungalow in the same area at a lower price,” they said.

“This deal is unique because, in the fourth-generation colony of Golf Links, single-ownership bungalows are rare. Properties here typically have multiple owners, complicating transactions. Moreover, Golf Links has always been a demand-driven market, with more buyers competing for the limited number of available properties,” Rohit Chopra of Southdelhiprime.com told HT.com

Other bungalow deals in Delhi

In 2024, a 900 sq yard bungalow was sold for almost ₹100 crore in Delhi’s tony Sunder Nagar area, according to property market sources.

In February 2023, Vasudha Rohatgi, the wife of former Attorney General of India Mukul Rohatgi, purchased a 2,160-square-yard bungalow in Delhi's tony Golf Links for ₹160 crore. Businessman Bhanu Chopra, founder of RateGain, in February 2023 purchased a bungalow at Delhi Golf Links for ₹127.5 crore.

In 2021, Sunil Vachani, chairman and managing director of Dixon Technologies, had bought a 1,250-sq yard bungalow in Golf Links for ₹170 crore. This was a direct deal and no broker was involved.

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Areas that are part of the LBZ include a few places in central Delhi such as Prithviraj Road and some parts of Sunder Nagar, Golf Links, and Bengali Market.

Most of the sellers in these areas are original allottees who want to sell the properties within their lifetime for succession planning. Further, being original allottees, they don't have any stress or any lien. So, they may decide to sell only if the price is motivating enough, said Chopra.

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It should be noted that construction in the Lutyens Bungalow Zone is highly regulated because it is a designated heritage zone. There are strict height, floor-area-ratio and reconstruction norms. The area may be a prime address, but it does not provide the luxury of space, although some bungalows have a carpet area of more than 10,000 sq. ft.