Lakshmi Mittal-Linked Firm Buys Rs 310 Crore Lutyens’ Delhi Bungalow | Real Estate News

Lakshmi Mittal

Mumbai-based Gentex Merchants Pvt Ltd, associated with steel magnate Lakshmi Mittal, has purchased a 3,540-square yard bungalow on APJ Abdul Kalam Road (formerly Aurangzeb Road) for Rs 310 crore, making it one of Delhi NCR’s costliest real estate deals in 2025, according to Moneycontrol.

Surya Kumar Kanodia is one of the directors of Gentex Merchants Pvt Ltd, the firm behind this high-profile acquisition.

Lakshmi Mittal is the chairman and CEO of ArcelorMittal, the world’s largest steelmaking company, and has played a key role in global steel industry consolidation through acquisitions and expansions.

Deal Details and Stamp Duty

The transaction, registered in June 2025, also involved a stamp duty payment of Rs 21.70 crore. The bungalow, spanning 31,860 sq ft, translates to approximately Rs 8.75 lakh per square yard—highlighting the premium prices commanded in Lutyens’ Bungalow Zone.

Lutyens’ Delhi, named after British architect Edwin Lutyens, is the city’s most exclusive residential area, home to sprawling bungalows, government officials, industrialists, and high-net-worth individuals.

Historical Significance of the Property

Built in 1930, the property previously belonged to the royal family of Alwar. Yashwant Singh, also known as Maharaj Kumar Yashwant Singh of Alwar, was its last private owner. Earlier this year, he had purchased another Delhi property in the upscale Golf Links area for Rs 100 crore.

Rising Trend of Big-Ticket Deals in Central Delhi

This purchase follows several high-value transactions in Lutyens’ Delhi, which remains a preferred choice for industrialists, HNIs, and global business families despite strict construction and renovation rules aimed at preserving the historic character of the zone, the MC report noted.

In recent years, properties in LBZ have sold for Rs 200–400 crore. Notable transactions include:

Golf Links: ChrysCapital partner Sanjay Kukreja and wife Shaveta Sharma acquired a property for Rs 155 crore.

Feroze Shah Road: Kusum Ansal sold her bungalow for Rs 241 crore to Gujarat-based Yatah Enterprise.

Prithviraj Road: Sidhant Real Estate, backed by DLF chairman Rajiv Singh, purchased a bungalow for Rs 150 crore in October 2024.

The top 7 cities saw approx. 96,690 units launched in Q3 2025, against 93,750 units in Q3 2024 – a 3% annual increase. On a quarterly basis, there was a 2% drop. In Q2 2025, approx. 98,630 units were launched across the top 7 cities.

The key cities contributing to new supply in Q3 2025 were MMR (Mumbai Metropolitan Region), Pune, Bengaluru and NCR (National Capital Region) which together accounted for 78% of the total addition, according to ANAROCK report.

NCR saw approx. 13,920 units sold in Q3 2025, a decline of 11% over last year and of 2% on a quarterly basis