Lakshmi Mittal Expands Real Estate Empire with Rs 310 Crore Lutyens' Bungalow
India-born billionaire Lakshmi Mittal has made a significant addition to his real estate portfolio with the acquisition of a luxurious bungalow in Lutyens' Delhi for Rs 310 crore. Discover the details of this high-profile property deal.
Real EstateLakshmi MittalLutyens DelhiLuxury PropertyBungalowReal EstateSep 25, 2025
India-born billionaire Lakshmi Mittal has expanded his real estate portfolio with the purchase of a Lutyens' bungalow located in the heart of Delhi. Through Mumbai-based Gentex Merchants Pvt Ltd, a company associated with the steel magnate, Mittal acquired the 3,540-square-yard property on APJ Abdul Kalam Road for Rs 310 crore, reports Moneycontrol. The deal, registered in June 2025, is one of the most expensive transactions in the capital's luxury real estate market this year. This price translates to approximately Rs 8.75 lakh per square yard, and a stamp duty of Rs 21.7 crore was paid to seal the transaction. Mittal, the executive chairman of ArcelorMittal, the world's second-largest steelmaking company, already owns a residence on nearby Prithviraj Road.
The Lutyens' bungalow, built around 1937, carries a slice of history along with its sprawling lawns and colonial charm. Located in the prestigious Lutyens' Bungalow Zone (LBZ), this property is situated in a tightly regulated area where construction and redevelopment are heavily restricted to preserve its heritage architecture. Home to top politicians, senior officials, and prominent business figures, the area is among India’s most exclusive neighborhoods. Designed by British architect Edwin Lutyens, the area comprises about 1,000 bungalows, out of which only 65 to 70 are privately owned.
Bungalows in the LBZ typically command prices ranging from Rs 200 crore to Rs 400 crore, depending on their size and location. In recent years, the area has witnessed several notable property transactions. Billionaires Gautam Adani and Vijay Shekhar Sharma also own bungalows in this elite zone.
Earlier this year, industrialist Mittal, with a net worth exceeding $23 billion, purchased one of Dubai's most expensive mansions. The steel magnate acquired a grand residence in Emirates Hills, a gated community often referred to as the Beverly Hills of Dubai. This Baroque-style property was listed for about $200 million last year and is known for its gold-leaf interiors. It reportedly sold earlier this year for roughly half that amount, according to Business Standard.
Frequently Asked Questions
Who is Lakshmi Mittal?
Lakshmi Mittal is an India-born billionaire and the executive chairman of ArcelorMittal, the world's second-largest steelmaking company. He has a net worth exceeding $23 billion and is known for his significant investments in real estate.
What is the Lutyens' Bungalow Zone (LBZ)?
The Lutyens' Bungalow Zone (LBZ) is a prestigious area in New Delhi, India, designed by British architect Edwin Lutyens. It is home to about 1,000 bungalows, with only 65 to 70 privately owned. The area is tightly regulated to preserve its heritage architecture and is one of India’s most exclusive neighborhoods.
How much did Lakshmi Mittal pay for the bungalow in Lutyens' Delhi?
Lakshmi Mittal paid Rs 310 crore for the bungalow in Lutyens' Delhi, which translates to approximately Rs 8.75 lakh per square yard. A stamp duty of Rs 21.7 crore was also paid to seal the transaction.
What is the significance of the Lutyens' bungalow?
The Lutyens' bungalow, built around 1937, is significant for its historical value, colonial charm, and sprawling lawns. It is located in one of the most exclusive neighborhoods in India, known for its heritage architecture and prestigious residents.
What other notable real estate purchases has Lakshmi Mittal made?
Earlier this year, Lakshmi Mittal purchased a grand Baroque-style mansion in Emirates Hills, a gated community in Dubai often referred to as the Beverly Hills of Dubai. The property was listed for about $200 million and reportedly sold for roughly half that amount.
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