Mumbai’s super rich leave apartments for bungalows
The ultimate status symbol the city’s ultra rich is living in a bungalow. Penthouses and sky villas with 360-degree views aren’t really impressive to them.
In 2011, industrialist Sajjan Jindal bought Maheshwari House — a sea-facing, three-storey bungalow having a porch and a garden at Nepean Sea Road. The cost was estimated to be Rs. 400 crore, one of the most expansive home deals in India. The house is still not occupied but it may be used by Jindals as a family home in future.
Property industry sources say that industrialist Ajay Piramal plans to build his own bungalow on part of a one-acre plot (Gulita), which is sea facing. His firm Piramal Realty bought the plot from Hindustan Unilever two years ago for Rs. 452 crore. Billionaire businessman Cyrus Poonawala and Anil Agarwal of Sterlite, too have moved to bungalows at at Breach Candy and Worli. The Birlas, Ruias, Tatas, Godrejs and Pallonjis all live in bungalows between Colaba, Carmichael Road and Walkeshwar. NCP leader Praful Patel is learnt to be building a bungalow for himself at Worli.
A decade ago, Jaydev Mody, chairman of Delta Corp, a gaming and hospitality company, build a 4 storey bungalow at Laburnum Road lane near Gamdevi. He says it is private, secure and has ample parking and everything is in your hands, unlike apartments in a society.
Despite being very expansive, good plots are very difficult to get. A 1,000-sq-m bungalow plot could fetch Rs 120 crore at Bandra Bandstand, Rs 80 crore on Pali Hill and between Rs 170 crore and Rs 200 crore at Breach Candy.
It is a status symbol for bollywood celebrities too. Raveena Tandon, Farhan Akhtar, Shilpa Shetty, Lara Dutta, all of them have bought bungalow properties.
Source: The Times of India
Breach Candy, Breach Candy Mumbai, bungalow in Mumbai, living in a bungalow, Maheshwari House Mumbai, Mumbai, Mumbai Bungalow, Worli Mumbai
