Artist Subodh Gupta Buys Delhi House for Rs 100 crore
NEW DELHI: Subodh Gupta isn't any stranger to shaking up the art world together with his work exalting plebeian materials like utensils, tiffin boxes and even scrap into dear installations. The Delhi-based artist might shake things up again-this time, the capital's assets market.
Gupta, whose rags-to-riches journey from a little-known Bihar village to the high table of up to date Indian art in twenty years has acquired folklore standing, and his artist wife Bharti Kher have quietly bought a bungalow on an 865 sq yard plot in Sunder Nagar in Lutyens Delhi, a district where three-figure crore deals are the norm.
Both Gupta and seller of the property, who requested to not be named, declined to verify the deal or its terms. Gupta didn't reply to an email and a number of other reminders sent by ET seeking confirmation. however papers filed by him at the property workplace and seen by ET reveal the house-115, Sunder Nagar-has been registered within the name of Gupta and Kher.
While the precise transaction worth isn't known, dealers ofhigh-end properties say similar-sized homes in Sunder Nagar have recently modified hands for Rs 100 crore or a lot of.
If true, this is able to build it the primary reported instance of an artist acquiring a house with a three-digit crore worth tag and make a brand new marker of kinds within the world of Indian art, whose size and international profile has grown exponentially within the past decade.
According to trade estimates, annual turnover of the art business in India grew to an estimated $350-400 million (Rs 1,900-2,200 crore) in 2011 compared with simply $5 million in two hundred3. The trade has been growing at 30-35% a year, enriching Gupta and a breed of young artists like him.
Brokers with data of the transaction said Gupta and Kher are nevertheless to maneuver in to their new home and arrange to pull down the recent structure.
The new structure is predicted to embody their inventive designs and vision, though they're going to be barred from constructing something quite 10,000 sq. feet on the plot (the size of the current building), to keep with building bylaws in Delhi's Lutyens Bungalow Zone that need new constructions to not exceed the world or the peak of the recent structure.
Many of the homes in Sunder Nagar, a tony residential locality favoured by expatriates and whose famous residents embody cricketer Kapil Dev, industrialist Dhruv Sawhney and also the mother-son art collector couple of Lekha and Anupam Poddar, were inbuilt the years soon once Independence.
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