Mumbai May Witness the Most Expensive Real Estate Deal By Mid June
The financial capital of India is still witnessing property transactions under astronomical price tag despite the fact that the country is struggling with high property prices. Lately, there have been reports of the iconic Bhabha bungalow on sale, which can prove to be the costliest affair in the market with the buyers. The property, located in south Mumbai’s posh Malabar Hills, is expected to be sold through auction and bids, which will be opened by 18 June 2014, alleged by National Centre for Performing Arts in an advertisement.
The bungalow spread over 17,143sq ft with the floor space index of 1.33 was once home to Homi Bhabha, father of India’s nuclear establishment. “The property is appropriate for a signature bungalow or premium apartments,” said NCPA.
Evidently, the sale of the bungalow will break the earlier property deal record where 91,000 per square feet that is 272 crore for Bishopgate property near Malabar Hill, which is close to the Bhabha Bungalow, was paid by Peninsula Land, a Mumbai-based developer. However, Bishopgate property in Mumbai’s Breach Candy area is possessed by the Standard Chartered and HSBC.
Jamshed Bhabha, a former Tata honcho and Founder Chairman of NCPA, inherited the property after the death of Homi Bhabha. Later, Jamshed Bhabha donated the bungalow to NCPD, which is now selling the bungalow to raise funds for its several activities in Nariman point in Mumbai. This property is expected to fetch around whopping 270-280crore for NCPA which comes with a reserve price of 257crore. NCPA Chairman said that it is in a good shape and condition as it had been painted recently and has undergone renovations. Moreover, this bungalow because of the coastal regulation zone restrictions would not be able to retain the stories above 15.
Source: Silicon India
advertisement, Auction, bids, Bishopgate property, Coastal Regulation Zone, Financial capital, Floor Space Index, High property prices, Homi Bhabha, HSBC, Iconic Bhabha, India, Jamshed Bhabha, Malabar Hill, Malabar Hills, Most Expensive Real Estate Deal, Mumbai, Mumbai Real Estate Deal, Mumbai's Breach Candy, Nariman point, National Centre for Performing Arts, NCPA, NCPD, Peninsula Land, Price tag, Property, South Mumbai's, Standard Chartered
