Bhabha Bungalow is costliest property deal in Mumbai
The National Centre for Performing Arts (NCPA) which is the organization started by JRD Tata and Jamshed Bhabha has put the prestigious Bhabha bungalow in south Mumbai on the block.
A property consultant says that at a fixed cost of Rs 257 crore, the property with area of 17,143 sq ft and a minimum floor space index of 1.33, could vouch Rs 1,12,718 per sq ft.
“FSI”, refers to the approved construction allowed on the land. The Bhabha Bungalow sale is going to break all the records of property deals where Mumbai developer Peninsula Land paid Rs 91,000 per sq ft or Rs 272 crore for Bishopgate property, owned by Standard Chartered and HSBC in the Breach Candy area near Malabar Hill where the Bhabha Bungalow is located. A property consultant says that this deal is going to break the record of the Bishopgate deal as well. Consultants also added that this property could collect Rs 270 crore to Rs 280 crore for NCPA.
A source says that the bungalow was once home to Homi Bhabha, who is considered as the father of India’s nuclear establishment. His sibling, Jamshed Bhabha, a former Tata honcho and founder chairman of NCPA, inherited the property after Homi died in 1996. Mr.Jamshed, who headed NCPA till his death, donated this property to NCPA. NCPA is going to sell the property to raise money for the upliftment of its center in Nariman Point area in Mumbai.
NCPA says in a notice that there is no property of this size for sale in this area. This property will be sold through auction and bids will remain open till June 18. A source also added that this property is suitable for bungalow and for premium apartments.
Source: The Business Standard
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