The secret wealth of Bathla's founders: A tale of luxury homes and humble addresses

A rundown unit above a row of shuttered shops in Greystanes is where Bathla founder Bhart Bhushan lives, according to the electoral roll and corporate records. It is a world away from the luxury homes, sprawling estates and property holdings linked to members of his family and associates.

The unit is five minutes from Bathla's headquarters, where over 200 staff were stood down this week. Tiles are crumbling from its facade, and when we visited there were no signs of life. The unit is not owned by Mr Bhushan, but by 46-year-old Neetu Dawar, who holds positions in several Bathla-linked companies.

Ms Dawar, who was born in the same Indian city as Mr Bhushan before migrating to Australia, is on title for the entire complex. Mr Bhushan is listed as the sole director and secretary of Universal Property Group, which trades as Bathla.

Property held personally can potentially be exposed to creditors in the event of financial trouble, depending on the person's guarantees and liabilities. Insolvency experts say keeping property out of a person's own name is a well-known asset protection measure.

Bathla Group and its subsidiaries entered administration last month owing an estimated $3.4 billion, after facing what Mr Bhushan described as a "perfect storm" of softening sales, tax changes and higher construction costs. Mr Bhushan did not respond to questions.

Mr Bhushan's brother Rajinder Mohan, who is the co-founder of Bathla, also uses a unit in the block as his registered address with the Australian Securities and Investments Commission. The brothers' actual residential addresses are unclear from public records.

Several palatial estates

In Dural, a sprawling mansion known as Sierra Morena, named after a mountain range in Spain, is owned by Mr Bhushan's nephews. Documents show Bathla Group lodged a development application for work at the Dural site.

Raj and Jai Mohan, who are the sons of Bathla co-founder Rajinder Mohan, purchased the home in 2020 for $5.5 million. Extensive renovations had been underway, including the construction of another pool, a spa, tennis court, "illuminated" basketball court and four-car garage estimated to cost $1.5 million.

Council documents show Bathla Group was listed as one of the clients and lodged the development application for the work. Behind the property's wrought-iron gates, a red excavator stood idle this week, with loose electrical wiring jutting from an unfinished letterbox.

Raj Mohan said the property was a private home for him and his brother, and that any work Bathla carried out there was conducted on "commercial terms". He said construction had been at a standstill for six months.

Earthworks had also been primed to get underway for another luxury home linked to the family behind Bathla. On the 5.6-hectare semi-rural site at Mt Vernon, about 45 minutes from Dural, plans had been approved for a palatial residence on land owned by Bathla co-founder Rajinder Mohan and son Raj Mohan.

Penrith City Council approved modification works on the flashy residence in 2025, with the home to include a pool, sauna, steam room, cinema, gym, tennis court and eight car garage. Plans had been approved for the Mount Vernon site. Again, the development application was made by Bathla Group. Caveats have been lodged over the property.

The rise and fall of Bathla

Eight months before Bathla entered administration, ownership of its Girraween headquarters was transferred into a trust. The 1.58-hectare site was purchased in 2014 by the group but legal ownership was transferred to a corporate trustee for $29 million in December 2025 after the site was acquired by Corval Property Fund. It was being rented back to Bathla.

The building regulator was also circling, with inspectors conducting 40 site visits in the past two months. Three prohibition notices were issued by Building Commission NSW following complaints of poor quality in some of its developments.

SafeWork NSW also issued 59 notices to Bathla and its subsidiaries in the past 18 months relating to poor working conditions, roughly three a month. In the weeks before Bathla entered voluntary administration, it was still canvassing for new clients and seeking buyers to place deposits.

Off-the-plan deposits are required to be held in trust, meaning they can typically be recouped by buyers if the company enters liquidation. Prospective buyers did not have much warning of the developer's impending collapse.

Bathla continued running high-profile promotions, including presenting one beaming client with an oversized cheque for $500,000 at a 2024 event.

Mr Bhushan, 63, started Bathla Group in 1997, initially building a small handful of townhouses. The business flourished, growing rapidly to become one of Western Sydney's most prolific developers of low-cost housing.

Some who knew him said he had a reputation for being combative and slow to pay his bills, others said he was respectful and community-focused, routinely donating to community events.

Prominent Indian community member Yadu Singh, who has known Mr Bhushan for 20 years, described him as "very down to earth" and said those who met him "wouldn't guess he was a big shot".

"Many people, when they have a lot of money it goes to their head and they become arrogant. He was never arrogant," the Sydney cardiologist told us.

"He was never pretentious or bragging or showing off." One lender, who knew the former taxi driver for a decade, described him as "shrewd, a good negotiator".

"There were some aspects of him that was naive given his background," the man said. "He had way too much on — he had a 'she'll be right type' attitude."