JK Paper director Amar Singh Mehta buys ₹250-cr Lutyens bungalow

Amar Singh Mehta, Director of Ltd, has bought a 3,731-square yard bungalow on Prithviraj Road in Lutyens Bungalow Zone (LBZ) for ₹250 crore in one of the biggest transactions in Delhi since the pandemic, three people familiar with the deal said.

The owners of the bungalow, Bhai Manjit Singh and Vikramjit Singh, have been trying to sell the bungalow for quite some time.

In the past, some prospective buyers have also issued a public notice to ensure there is no dispute with the property.

Vikramjit Singh is the grandson of Bhai Mohan Singh, who acquired Ranbaxy and also ran it for many years.

Vikramjit Singh confirmed the transaction and said all disputes with the property were settled three years ago.

Documents accessed from Zapkey.com also confirmed the registry, which took place on December 4.

JK Paper Ltd did not respond to the email query.

"This is the biggest transaction in Delhi in the last few years and suggests that HNIs are willing to pay for the right property," said one person familiar with the deal.

In July, a law firm issued a public notice for the property, inviting objections from any individual or institution.

"After the public notice, some objections came but were settled. Since very few properties are available in Lutyens Delhi, buyers who are looking for additional space, are ready to face some legal hassles to acquire prime property, " said Pradeep Prajapati, head of luxury residential services at IQI India.

Recently, Anil Gupta, chairman and managing director of KEI Industries, a cable and wire manufacturer, bought a 2,000-square yard property in Delhi's Shanti Niketan.