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Bandra bungalow draws interest from big guns

The property, spread over an acre at Bandra Bandstand, has one of the last standing bungalows on this road.

, ET Bureau|
Aug 22, 2019, 11.32 AM IST
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Agencies
Bandra
Mumbai, the country’s most expensive property market, has not witnessed an outright transaction involving a bungalow property for long.
Bids for an early 20th century property located in Mumbai’s Bandra have been postponed to accommodate additional interest generated by the opportunity to acquire one of the last standing bungalows in the area. Several local developers, Bollywood celebrities and a few industrialists have shown interest in the property built in 1905, for which bids were to open on Thursday but were postponed earlier this week, said people aware of the matter. While no reserve price has been set, the property is expected to fetch at least ?300 crore, they said.

The property, spread over an acre at Bandra Bandstand, has one of the last standing bungalows on this road which is dotted with houses of Bollywood stars including Shahrukh Khan and Salman Khan.

The prime sea-facing property, situated next to the Taj Lands End hotel, is controlled by the Bandra Parsi Convalescent Home Trust. The trust used to operate a convalescence home in this property for Parsi women and children for over a century until early 2000.

The property has development potential of over 100,000 square feet. The land parcel is expected to be acquired by an end user, according to property consultants operating in the locality. Ready premium residential properties in the vicinity attract over ?1lakh per sq ft on an outright basis.

The trust’s officials and transaction advisor CBRE declined to comment on the matter.

Mumbai, the country’s most expensive property market, has not witnessed an outright transaction involving a bungalow property for long. The most recent land transaction in Mumbai took place in May, when Godrej Properties concluded the agreement to acquire the iconic RK Studios.

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