New Moti Bagh is a residential colony in South Delhi. New Moti Bagh occupies an area of 143 acres, in the exclusive New Delhi Municipal Council (NDMC) area of New Delhi. It is one of Delhi's most expensive areas, where land rates vary from 10 lakhs to 12 lakhs a square yard.[1][2]
To raise funds for construction of New Moti Bagh a three acre parcel of land contiguous to the project was sold to Leela Group, a hotel chain, for ₹650 crore (US$78 million), at about ₹216 crore (US$26 million) per acre. At this rate the total land value of the 123 acres (0.50 km2) New Moti Bagh town ship, called colony in Delhi, at current market rates, works out to about ₹31,000 crore (US$3.7 billion).[3] "Living in New Moti Bagh", according to senior Government official, is "next best thing to living in a Lutyens bungalow”.[3]
^"Chanakyapuri plot goes for Rs 10L per sq yard". The Times of India. 10 October 2012. Archived from the original on 16 January 2014. Retrieved 14 January 2014.
^"NBCC New Moti Bagh Complex". Corporate communication division, NBCC. 30 April 2012. Archived from the original on 9 October 2012. Retrieved 13 January 2014.
^ abCite error: The named reference express2011 was invoked but never defined (see the help page).
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