SHANTI NIKETAN is an exclusive housing colony in the very heart of New Delhi and the most sought after address in New Delhi. It is close to West End Colony, Chanakyapuri and Vasant Vihar, and was developed by the Government of India in the 1960s as a housing colony for government officials. The colony houses very high profile executives and industrialists. Over time the area has evolved as the most highly prized real estate in the capital, with the highest value all-cheque deals taking place here.
Delhi’s most expensive realty deals
In 2011 industrialist Sandeep Jajodia, who is the head of sponge iron maker Monnet Ispat & Energy, bought a 2,000 sq yard bungalow no.1/26 Shanti Niketan for Rs.170 crore for his personal use from the Ghosh family. Informed sources close to the transactions say the liquidity constrained industrialist's other smaller property, the about 1200 sq yard residential plot No.1/17 Shanti Niketan may fetch Rs.160 crores in an all-cheque deal, which rumors caused the company's share price and volumes to spike when the news became known to insiders. Monnet Ispat's shares were trading around Rs.550 when Sandeep Jajodia bought his Rs.170 crore property in June 2011 and had continually declined to as low as Rs.53 in Jan 2014 but has recovered sharply to around Rs.120 on news of the rumored property sale and other developments finally commencing on Jajodia's 1/26 Shanti Niketan plot which was part financed by HDFC Bank.