A firm linked to Lakshmi Mittal, the Indian steel magnate, has purchased a bungalow in Delhi's Lutyens' Bungalow Zone (LBZ) for ₹310 crore. Gentex Merchants Pvt Ltd acquired the 3,540 square yard property located on APJ Abdul Kalam Road.
The bungalow was previously owned by Yashwant Singh, a member of the royal family of Alwar, Rajasthan. Singh recently purchased an 867 square metre bungalow in Golf Links for ₹100 crore.
The sale deed indicates that Gentex Merchants paid ₹21.7 crore in stamp duty for the transaction, which was registered in June.
The acquisition highlights the continued demand for high-value properties in India's most prestigious neighborhood. The LBZ is known for its sprawling bungalows and is home to many high-profile individuals and government officials.
Lakshmi Mittal, who is the executive chairman of ArcelorMittal, already owns a property in Lutyens' Delhi. In 2005, he bought a bungalow for $30 million at No. 22, Dr APJ Abdul Kalam Road, and rebuilt it as a house.
Mittal, an Indian citizen based in the United Kingdom, has been ranked among the world's richest people. In 2005, Forbes ranked him as the third-richest person in the world.
The Lutyens Bungalow Zone is an exclusive residential area in Delhi. The area is named after British architect Edwin Lutyens, who was responsible for much of the architectural design during the British Raj. The area is known for its green spaces and historical significance.
