New Delhi: The real estate market prices in Delhi are soaring. This is old news. Delhi has one of the costliest rates for residential and commercial spaces. But when an old, dilapidated bungalow is bought in auction for more than $29 million, it is still surprising. Or is it?The bungalow in question is situated on 38 Amrita Shergil Marg, one of the most sought after localities in Delhi. Bungalows here are priced at as high as $100 million and even those bungalows are in huge demand. In spite of the fact that with that amount of one can buy a house in each of the biggest cities around the world, everybody wants a piece of land in the heart of Delhi which had been built during the British era and had been dwelt in by Viceroys and Prime Ministers. What matters most is not the history that one inherits with the land or the lack of amenities but the prestige that one earns with owning a house in Lutyens’ Delhi.Edwin Lutyens along with other architects designed and built the governmental center of the Capital around 1911 when the capital was shifted to Delhi. Along with that they also built a zone of single storied bungalows. At present these bungalows are mostly resided by top government officials and ministers. One of the markers of a minister’s power is where he/she lives. A bungalow in this zone means huge power.Over the years many Indian industrialists have also accumulated a lot of wealth. Now they want their share in this prestige. Therefore it comes as no surprise that houses in Lutyens’ Delhi and in the adjoining areas are being sold for prices that may sound next to outrageous. For these houses there are no formal listings. The news of properties being bought or sold are circulated by word-of-mouth. Some of the buyers are also politicians. Black money is also exchanging hands in order to avoid taxes. Once the house is bought it either requires extensive renovation or is pulled down to build another stately mansion.These prices have also pushed up rent rates. The Portuguese and Mexican ambassadors, who used to live in this area, have to relocate after the rental rates spun out of their affordability.The greatest demand is for privately owned properties. Many properties in the Amrita Shergil Marg are owned by families who were refugees of the partition. The area back then was located in the southern edge of the city and mostly dwelled by penniless refugees. With the advancement of the Capital, building of the Lodi Garden etc. land in the area came to be very much in demand and owners who either want to move or cannot keep up with the soaring property taxes are selling their houses for lucrative prices amounting to millions of dollars.This is a phenomenon often witnessed in countries with emerging economies. It occurred in Tokyo in the 1980s and is also present in China where property prices have appreciated by 500%.займ на карту без отказов круглосуточновзять кредит онлайн