New Moti Bagh
New Moti Bagh
New Moti Bagh Colony | |
|---|---|
| Coordinates: 28°34′55″N 77°10′18″E / 28.582005°N 77.171684°E | |
| Country | India |
| State | Delhi |
| District | New Delhi |
| Government | |
| • Type | Municipal Council |
| • Body | New Delhi Municipal Council |
| Area | |
• Total | .50 km2 (0.19 sq mi) |
| Languages | |
| • Official | Hindi, English |
| Time zone | UTC+5:30 (IST) |
| PIN | 110021 |
| Lok Sabha constituency | New Delhi |
| Civic agency | NDMC |
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.
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$77 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”.