Lakshmi Mittal’s Gentex Merchants Acquires Rs 310 Crore Lutyens’ Delhi Bungalow
Delhi’s luxury property market has reached a new milestone with one of the year's biggest sales. Gentex Merchants Pvt Ltd, a company associated with steel tycoon Lakshmi Mittal, has purchased a bungalow spanning 3,540 square yards on APJ Abdul Kalam Road (formerly known as Aurangzeb Road) for Rs 310 crore. Here’s everything you need to know about 2025’s costliest real estate deal.
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.
