In one of the costliest deals of the year in Delhi NCR, Mumbai-based Gentex Merchants Pvt Ltd, a company linked with steel baron Lakshmi Mittal, has bought a 3,540-square yard bungalow on APJ Abdul Kalam Road (formerly Aurangzeb Road) in Lutyens’ Delhi for Rs 310 crore, people aware of the matter told Moneycontrol.
According to the registration documents, the deal was registered in June 2025 and is being termed as the costliest transaction of 2025 in Delhi so far. The buyer paid a stamp duty of Rs 21.70 crore for the transaction.
The bungalow, originally built in 1930, belonged to the erstwhile royal family of Alwar and was owned by Yashwant Singh, popularly known as Maharaj Kumar Yashwant Singh of Alwar. Singh had purchased a bungalow in Delhi's upscale Golf Links area for Rs 100 crore earlier this year.
The bungalow measures 3,540 square yards, or 31,860 square feet. When computed on per square yard, the deal translated to Rs 8.75 lakh per square yard.
Surya Kumar Kanodia is one of the directors of Gentex Merchants Pvt Ltd, which bought the bungalow. There was no immediate comment from Gentex Merchants while Lakshmi Mittal declined to comment on the matter.
Mittal already owns a bungalow on Prithviraj Road in Lutyens’ Delhi, and market observers said that the recent deal underscores the enduring appeal of Lutyens’ Delhi, where large colonial-era bungalows remain among the most coveted—and scarce—assets in India’s luxury real estate market.
Big Ticket Deals in Lutyens’ Delhi
The Mittal-linked purchase follows a series of high-profile acquisitions by industrialists and global business families in central Delhi.
Characterised by sprawling green spaces and colonial-era architecture, the Lutyens’ Bungalow Zone (LBZ) attracts corporate leaders, high net-worth individuals (HNIs), and the like, despite stringent construction and renovation regulations aimed at preserving its unique character.
In recent years, bungalows in the same zone have fetched anywhere between Rs 200–Rs 400 crore, with buyers including leading corporate houses, tech entrepreneurs, and old business dynasties.
Earlier this year, ChrysCapital partner Sanjay Kukreja and his wife Shaveta Sharma, who is the Central Square Foundation CEO, bought a property in the tony Golf Links area for Rs 155 crore.
Similarly, Ansal Group’s promoter Sushil Ansal's wife Kusum Ansal sold her bungalow at Feroze Shah Road for Rs 241 crore. The property was purchased by a Gujarat-based firm, Yatah Enterprise.
In October 2024, Sidhant Real Estate, backed by DLF chairman Rajiv Singh and his family, acquired a sprawling bungalow on Prithviraj Road for Rs 150 crore.
In the same month, Rangoli Resorts, led by Sheela Foam executive chairman Rahul Gautam and his family members, acquired a bungalow on Hailey Road for Rs 165 crore. Sheela Foam, known for its Sleepwell brand, specialises in making mattresses and comfort accessories.
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