A firm belonging to Reliance Industries Ltd. has acquired a bungalow on Prithviraj Road in Lutyens Delhi for ₹350 crore, excluding taxes. According to sources familiar with the matter who spoke on the condition of anonymity, the deal highlights the continued buyer appetite for luxury residential properties within the country's most exclusive neighborhood.
The seller of the property, Singaporean businessman Bhupendra Modi, confirmed the purchase price and stated that the transaction with Anant Ambani's family office was finalized toward the end of July. Hindi-language newspaper Hindustan was the first to report on the real estate transaction.
A spokesperson for Reliance addressed the acquisition in an emailed statement, noting, 'We have purchased the said property, and it will be used as a guest house for our employees travelling to Delhi.' The company did not respond to separate inquiries concerning the transaction value or the involvement of billionaire Mukesh Ambani's youngest son.
The property is located within the Lutyens Bungalow Zone, commonly known as LBZ. Spanning 26 square kilometers or approximately 6,425 acres in central Delhi, this high-security district is home to the nation's prime minister, president, cabinet ministers, and senior judges. Due to extremely limited private supply, the area has historically resisted broader property market corrections.
The tree-lined district also houses several prominent billionaire industrialists, including Gautam Adani, Ravi Jaipuria, Lakshmi Mittal, and Naveen Jindal. Strict government regulations govern the zone, limiting the extent of structural renovations that property owners can undertake. Additionally, the area features colonial-era social institutions, such as the Delhi Gymkhana, which is currently involved in a legal dispute with the Indian government regarding its lease cancellation.
"This transaction underscores the enduring value and resilience of prime real estate assets in core micro-markets like Lutyens Delhi. For large corporate entities, securing strategic properties in the national capital serves both operational utility, such as corporate housing, and long-term asset positioning. Even amidst broader market fluctuations, ultra-luxury real estate continues to attract significant capital due to strict supply constraints and high entry barriers." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
