Max India group founder Analjit Singh has acquired a bungalow owned by his nephews Malvinder and Shivinder Singh in the heart of Lutyens’ Delhi for Rs 1.85 billion.
The funds from the sale will be used to repay the lender to whom the Singh brothers had pledged the house. The purchase will enable Analjit Singh to consolidate his property holdings.
The 0.5-acre bungalow situated at 1 Rajesh Pilot Lane was part of a three-acre plot owned by Bhai Mohan Singh, father of Analjit Singh and grandfather of the Singh brothers. The remaining property — 2 Rajesh Pilot Lane and 15 APJ Abdul Kalam Road (formerly Aurangzeb Road) is owned by Analjit Singh.
“The Singh Brothers have sold their ancestral property in Lutyens’ Delhi to repay debts,” said a spokesperson for RHC Holding Pvt Ltd, the holding firm of Malvinder and Shivinder Singh.
“The Singh brothers are committed to repay and clear all their liabilities and are actively working to liquidate their assets while being compliant to the court’s orders,” he said.