Even as real estate is witnessing a crippling slowdown across the country due to high prices, luxury market in Mumbai is witnessing deals back to back.
Hardly one week has passed after Kumar Mangalam Birla bought Jatia House for Rs 425 crore, Cyrus Poonawalla, chairperson of the Poonawalla Group, has purchased Lincoln House, an iconic property on in the Breach Candy area of south Mumbai, for Rs 750 crore.
According to media reports, the price is Rs 100 crore lower than the reserve price quoted by the seller, the US Consulate. The reason for this lower valuation is the restrictions on redevelopment on heritage properties.
The property is a 2-acre Grade-III property and has a built-up area of around 50,000 sq ft. Sources have told PTI that Poonawalla wants to use the Lincoln House as a family residence and he has no plans to redevelop the property.
Here is a look at all major bungalow deals that happened in Mumbai over the last four years:
1) Kumar Mangalam Birla of the Aditya Birla group bought Jatia House, situated in the Malabar Hill area of Mumbai, for Rs 425 crore last week. The sea-facing two-story bungalow, measuring over 25,000 square feet, will not be redeveloped and is for his personal use. The Jatia House is occupied by brothers Arun and Shyam Jatia, who run the Pudumjee Industries that is primarily into paper products. The property was bought in the 1970s from MC Vakeel by the MP Jatia Group, a PTI report said.
2) Industrialist Sajjan Jindal completed the acquisition of Maheshwari House in 2012. He is estimated to have paid Rs 400-500 crore for the 43,500 sq ft property. The Maheshwaris had bought out the sprawling property in 1935 from Maharaja of Baroda for Rs 1.45 lakh, says a Mumbai Mirror report, an amount which is a pittance now. The Jindals have got permission from the Brihanmumbai Municipal Corporation to pull down the structure and construct a sprawling family house, Mirror report said.
3) Meherangir, Dr Homi Bhabha's bungalow, was bought by Smita Crishna in June 2012 for Rs 372 crore. The size of the property is 17,150 square feet and Crishna, sister of industrialist Jamshyed Godrej, is estimated to have paid Rs 2.18 lakh per square feet. She has made it clear that there are no plans to pull down the iconic mansion.
4) Mahindra Lifespaces, the real estate subsidiary of Mahindra group, bought Gulistan, a 13,000 sq ft bungalow on the Napean Sea road, for Rs 270 crore in 2011. According to media reports, Anand Mahindra was born in this bungalow. He stayed in the bungalow as a tenant until the deal was done.
5) Glamis Villa, a bungalow on Bhulabhai Desai Road in the Breach Candy area, was sold for Rs 180 crore in November 2013. MP Aggarwal, chairman of Sajjan India Ltd, bought the 11,000 square feet property. He had then said there were no plans to redevlop the property. According to this report in The Times of India, the Rs 180 crore included a Rs 30 crore paid to the tenant to vacate the house.
With inputs from Kishor Kadam
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Updated Date: Sep 14, 2015 14:04:06 IST