In one of the most expensive real estate deals of 2025 in Delhi NCR, Mumbai-based Gentex Merchants Pvt Ltd, a company linked to steel magnate Lakshmi Mittal, has purchased a 3,540-square yard bungalow on APJ Abdul Kalam Road (formerly Aurangzeb Road) in Lutyens’ Delhi for Rs 3.1 billion. Registration documents show the deal was finalised in June 2025, with the buyer also paying Rs 217 million in stamp duty.

The property, originally built in 1930, once belonged to the royal family of Alwar and was owned by Yashwant Singh, also known as Maharaj Kumar Yashwant Singh of Alwar. Singh had earlier this year acquired a bungalow in Delhi’s Golf Links for Rs 1 billion.

At 3,540 square yards, or 31,860 square feet, the price translates to Rs 875,000 per square yard. The buyer, Gentex Merchants Pvt Ltd, lists Surya Kumar Kanodia as one of its directors. While the company has not commented, Mittal also declined to respond. Notably, Mittal already owns a bungalow on Prithviraj Road in Lutyens’ Delhi.

Market observers said the deal highlights the continued demand for properties in Lutyens’ Delhi, where sprawling colonial-era bungalows are rare and highly valued. Despite strict renovation regulations, the zone remains a magnet for industrialists, business families, and global investors.

Recent transactions reflect this trend. Earlier in 2025, ChrysCapital partner Sanjay Kukreja and his wife, Shaveta Sharma, bought a Golf Links property for Rs 1.55 billion. Around the same time, Kusum Ansal, wife of Ansal Group’s promoter Sushil Ansal, sold a bungalow on Feroze Shah Road for Rs 2.41 billion to Gujarat-based Yatah Enterprise.