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New Moti Bagh

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  • 6 chapters

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Through Lakh and Government of India

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 township (or colony, as is called in India) at current market rates, works out to about ₹31,000 crore (US$3.7 billion). "Living in New Moti Bagh", according to senior Government official, is "next best thing to living in a Lutyens bungalow”.

History

Sanction for the project was given by the United Progressive Alliance (UPA) government led by Manmohan Singh in 2007. Work on the complex started in December of the same year. The project was assigned to the National Buildings Construction Corporation (NBCC), a Government of India undertaking. The work on the project was completed in 2012.

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