India’s richest businessman, Mukesh Ambani, has bought a bungalow worth ₹350 crore in Delhi’s most upscale and secure area, the ‘Lutyens’ Bungalow Zone.’ Reliance has clarified that the bungalow will not be the Ambani family’s private residence. Located on Prithviraj Road, the luxurious bungalow will be used by Reliance as a corporate guest house for its executives and employees visiting Delhi. According to a Bloomberg report, the deal was finalized at the end of July for approximately $36.7 million, or around ₹350 crore, excluding taxes. Key details of the deal A Reliance spokesperson said that the company purchased this bungalow to accommodate its employees in Delhi. However, the company did not comment on the direct involvement of Anant Ambani’s family office or the financial details of the deal. This purchase on Prithviraj Road is particularly significant because private properties are rarely sold in Lutyens’. Delhi is an extremely important administrative and business hub for Reliance, which is why the company has made this investment. What is the Lutyens’ Bungalow Zone? Lutyens’ Delhi was established during British rule, when the British shifted India’s capital from Kolkata to Delhi. Sir Edwin Lutyens and Herbert Baker designed this entire administrative and residential area, which features wide roads and expansive gardens. Today, Lutyens’ Zone is home to leaders holding the country’s highest constitutional offices, judges, military officers, and prominent businesspeople such as Adani, Lakshmi Mittal, and Naveen Jindal. This new deal worth ₹350 crore in this exclusive and secure area once again proves the historical and commercial value of the locality. Who is Bhupendra Kumar Modi, the seller of the bungalow? Dr. Bhupendra Kumar Modi, who sold the property, is considered one of the major pioneers of India’s early telecommunications era. Born into the famous Modi business house, B.K. Modi is known as India’s JV King, or Joint Venture King, for forming partnerships with international companies. Modi’s Connection with Singapore BK Modi later shifted his corporate base to Singapore and obtained citizenship there in 2012. He is the founder and chairman of the ‘Smart Group’ (formerly known as Spice Global), whose business spans the healthcare and technology sectors. Besides business, he is also active in social work and philanthropy. He founded the Global Citizen Forum and has also held a senior position at the World Federation of United Nations Associations. Post navigation GenZs prefer cold drinks over hot beverages:3 out of every 4 drinks are now sold cold in Starbucks
