A century-old residential building fetches Rs 150 crore
A century-old residential building in the heart of south Mumbai-Nowroz Building near Girgaum Chowpatty has been bought by Pune-based developer Avinash Bhosale for Rs 150 crore. The four-storied Nowroz Building on Hughes Road near Girgaum Chowpatty was built at the turn of the last century and is a tenanted, cessed property. Bhosale confirmed the deal.
View of Girgaum Chowpatty
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The 100-year-old residential building will be demolished to give way to a high-end residential apartment block.Bhosale is believed to be politically connected and has wide business interests, including hospitality, infrastructure and construction. This will be Bhosale’s first project in south Mumbai.
Nowroz Building situated on a 1,061 sq m plot had over a dozen tenants occupying spacious flats. The original landlord, Kathawala, then sold it to the Gathanis. A year ago, Gathanis sold it to Mumbai-based Kanakia Developers and HDFC Portfolio Management Services who were supposed to develop it jointly. However, the deal fell through because of various issues and Ethix put the building back on the block some time ago. Sources said the tenants were bought out and the building is now completely vacant.
About Rs 50-60 crore was paid to get the tenants out. The building is a cessed property, but falls in the Coastal Regulation Zone ( CRZ )). So, it will not be able to avail of any incentive floor space index (FSI) that is generally available for such tenanted redevelopment projects in the island city.
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