An independent bungalow in South Delhi's Vasant Vihar has been taken on rent at a whopping Rs 114 per sq ft per month the highest in the country till date. The rate in the area is around Rs 45-70 per sq ft, though new construction could fetch as much as Rs 80 per sq ft per month. The rent for the Vasant Vihar deal amounts to Rs 16.5 lakh a month, or Rs 1.98 cr a year. To top it all, a two-year rent has also been paid in advance. To be used by an African country as its consulate in India, the 800 sq yards (covered area) house consists of a basement and ground plus two floors that include four bedrooms, a living room and a kitchen. The house has a small front garden, a terrace garden as well as two driveways. Property pundits say the premium paid on the house has a lot to do with lack of availability of independent bungalows in the city which is a preferred location for diplomats and foreigners due to its proximity to the diplomatic enclave and the airport.
The Financial Express New Delhi Edition January 25 2007