Who is the owner of Delhi's Connaught Place? The iconic place is named after..., rent at CP begins at Rs...
Who is the owner of Delhi's Connaught Place? The iconic place is named after..., rent at CP begins at Rs...
Connaught Place, an iconic spot for the Delhiites, truly captures the heart of Delhi with its blend of historic charm and lively atmosphere. Whether it's shopping at Janpath, grabbing a bite at one of the many eateries, or just soaking in the buzz, Connaught Place has something for everyone. It is a perfect and favorite hangout. It is one of the largest business, financial, and commercial centres in Delhi. But who owns Connaught Place? Notably, Connaught Place is also commonly known as CP. Who is the owner of Delhi's Connaught Place? The iconic place is named after…
In 1929, Connaught Place was constructed by the British. It was designed by architect Robert Tor Russell. The iconic place got its name from Prince Arthur, the Duke of Connaught, a member of the British royal family. He was Queen Victoria's third son and the uncle of King George VI. In 1921, Prince Arthur visited India, and the market was subsequently named in his honor during the colonial era. Its distinctive circular layout with radiating roads draws inspiration from Georgian architectural styles in Britain.
Connaught Place, a high-demand commercial real estate area, is divided into several blocks, each owned by different individuals or families. While the land and overall administration of Connaught Place are managed by the Government of India, the buildings within CP are privately owned. The ownership of individual shops and buildings varies, making the property landscape quite diverse.
In the early days, many shops were established by traders who initially operated around the Kashmere Gate area. Notable names among them include Harnarain Gopinath (commonly known as Harnarains), Kanter's, Galgotia, and Snowhite. Some families even managed to lease numerous shops, with a few holding as many as 50 outlets.
At present, the rent in Connaught Place ranges between Rs. 300 to Rs. 700 per square foot per month. But the scenario was different before independence. At that time, most of these properties were leased at very low rents—often just a few hundred rupees per month.
Owing to the Old Delhi Rent Control Act, the rent for many of these properties could only be raised by a small margin—around 10 percent of the original amount. As a result, even today, some shop owners continue to pay very low rent, despite the fact that the actual market value of the properties has soared.
As per media reports, the land and most of the buildings in the iconic CP are owned by the Government of India. The day-to-day maintenance and management responsibilities lie with the Municipal Corporation of Delhi (MCD). As a result, many buildings in Connaught Place remain in the hands of private families, passed down through generations. While the architecture reflects a colonial past and the rents echo a long-gone era, the energy and vibe of the place are distinctly modern.
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