A Reliance Industries Ltd. firm bought a bungalow in Lutyens Delhi as appetite for luxury homes grows in the country's toniest neighborhood.
The company purchased the property on Prithviraj Road for 3.5 billion rupees ($36.7 million), excluding taxes, according to people familiar with the deal, who declined to be identified as details are private.
The transaction with Anant Ambani's family office was finalized towards the end of July, Bhupendra Modi, Singaporean businessman and the seller, said while confirming the property's price.
A Reliance spokesperson said in an emailed response, “We have purchased the said property, and it will be used as guest house for our employees travelling to Delhi.”
The company didn't respond to queries about the involvement of billionaire Mukesh Ambani's youngest son and the transaction value.
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Hindi newspaper Hindustan first reported the transaction.
Demand has surged for properties in the Lutyens Bungalow Zone or LBZ, a prized high-security area that houses the nation's prime minister, president, cabinet ministers and senior judges. The zone, among the most-expensive housing districts in the world, is spread over 26-square-kilometer (6,425 acres) in central Delhi. The tree-lined island of green in the pollution-choked capital is also home to other billionaire industrialists including Gautam Adani, Ravi Jaipuria, Lakshmi Mittal and Naveen Jindal.
Government restrictions limit the extent of renovations owners can carry out in the zone that has defied property market corrections because of the extremely tight supply of private bungalows. LBZ also has colonial-era social clubs, such as the Delhi Gymkhana, which is mired in a legal tussle with the Indian government over its lease cancellation.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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