The CEO of spices maker Mahashian Di Hatti (MDH), Rajeev Gulati, has bought a 355 square metre bungalow in Delhi‘s Vasant Vihar for ₹36 crore, said three people aware of the development.
Gulati, son of late founder Mahashay Dharampal Gulati, has paid ₹2.16 crore stamp duty for the transaction, according to the documents. The sale deed was registered on August 23.
Rajeev Gulati can be seen in the company’s latest ad campaign, although MDH has not replaced its founder’s image from its packaging after his death in December 2020.
“In Vasant Vihar, plot sizes up to 2,000 square meters are in demand from families looking for independent bungalows. The advantage of larger plots in south Delhi is that buyers can redevelop the land and construct up to four floors, a privilege not permitted in Lutyens’ Delhi,” said Yovesh Suri, Luxury realty head, Corfac International, a network for independently owned commercial real estate firms.
The Gulati family lives in the same area and has been looking to expand for some time, said a person aware of the deal.