Who owns the iconic Connaught Place in Delhi and who takes all the profit?

Times of IndiaTIMESOFINDIA.COM/ Updated : May 19, 2024, 10:22 IST

Who owns the iconic Connaught Place in Delhi and who takes all the profit?

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Connaught Place, a cultural and commercial hub in Delhi, built by the British Raj and designed by Robert Tor Russell, is owned by the Government of India. After India gained independence, it saw significant changes and is subject … Read more

Who owns the iconic Connaught Place in Delhi and who takes all the profit?

Connaught Place (CP) stands as the pulsating heart of Delhi, epitomising the city's cultural, heritage, and commercial essence. Its distinctive circular layout and vibrant streets have elevated it to iconic status, revered not only within Delhi but throughout India as well.

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But amidst the myriad high-end stores, grand restaurants, and historic offices, one question often arises in the mind: after all who owns this stunning architectural gem? And who takes away all the rent that’s in crores?

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History of Connaught Place

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Connaught Place, constructed by the British Raj between 1929 and 1933, was designed by Robert Tor Russell and inspired by the Royal Crescent in Bath, England. Named after the Duke of Connaught, a member of the British royal family, CP stands as a significant architectural landmark from the early 20th century.

The owner of Connaught Place

But unlike contemporary commercial properties, Connaught Place is divided into blocks, each with its own set of owners. The Government of India, owns the land on which CP stands, making it the primary custodian of this iconic space. However, the buildings within CP are owned by various individuals and families.

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After India gained independence, Connaught Place underwent a significant metamorphosis, evolving into a vibrant centre for both commerce and culture. Presently, it proudly claims its status as one of the globe’s most prestigious commercial zones. If you find yourself working in this vicinity, chances are you're situated in one of the most valuable locales worldwide. Yet, the ownership of these structures remains shrouded in mystery, sparking curiosity among many about the identities behind these coveted properties.

Connaught Place boasts several property owners. Legally, the Government of India holds ownership of this area. But before independence, most properties here were rented out at nominal rates, sometimes as low as a few hundred rupees. Remarkably, it's documented that certain individuals were able to lease up to 50 shops.

Under the Old Delhi Rent Control Act, properties leased before independence saw a yearly rent escalation of 10 percent from the initial price. For instance, if a shop was rented for Rs 50 in 1945 and complied with this act, the rent would have experienced only a modest uptick over time, resulting in relatively low rents even today. It's intriguing to observe that this scenario has persisted largely unchanged for over 70 years now!

So now you know who owns the iconic CP!