New Delhi, June 26 (): Bungalow rents in Delhi are shooting up as UPA’s ministers and MPs who lost the polls are on a house hunt.
Ex-law and telecom minister Kapil Sibal, who lost his Chandni Chowk seat in the Lok Sabha will shortly move to a luxurious residence in posh Lutyens , paying a modest rent of Rs 16 lakh per month. Sources say that if Sibal had rented a suite in Le Meridien, it would have cost him Rs 14 lakh a month.
The bungalow is located on a 1,250 square yard plot in Jor Bagh, and has Safdarjung Tomb as the view. It is owned by Siddharth Sareen, a businessman and the brother-in-law of Shravan Gupta, the Emaar MGF promoter.
Both Sibal and Sareen confirmed that they had signed a lease agreement, but refused to reveal the rent. Sources associated with the deal said Sareen had initially demanded Rs 18 lakh for the bungalow, but later agreed for Rs 16 lakh after negotiations.
Even at that Rs 16 lakh price, real estate sector say that this makes the bungalow the highest paid rental property. Last year, Kamal Moraka, the Mumbai entrepreneur who was in the Chandra Shekhar government, rented a bungalow in the neighbourhood for Rs 18 lakh a month.
Sibal will vacate his Teen Murti government bungalow and shift to his new house even before the lease agreement commences on August 1.
The new bungalow will also house his lawyers’ office. Before becoming Union Minister, Sibal was lawyer to corporate houses like Birlas and Pepsi.
265 Lok Sabha MPs who have lost the polls are told to vacate the houses given by the government as NDA has to accommodate 316 new MPs. Ten percent of the 1,000-odd bungalows in Lutyens zone are private owned and others are with the government. The zone is close to PM and President’s house and the Parliament.
Mittals, Burmans and Ruias own houses in this zone. In contrast, Kejriwal’s move to shift to a four-bedroom house in civil lines is stuck in a litigation between the owner and other claimants.