Photographs: Courtesy, Business Standard Raghavendra Kamath in Mumbai
The deal will be a record in terms of per sq ft rate of Rs 1,12,000.
Mumbai may see the most expensive real estate deal mid this year.
The National Centre for Performing Arts (NCPA), the cultural organisation set up by JRD Tata and Jamshed Bhabha, has put the iconic Bhabha Bungalow in south Mumbai on the block.
At a reserve price of Rs 257 crore (Rs 2.57 billion), the property, with a plot area of 17,143 sq ft and a minimum floor space index of 1.33, could fetch Rs 1,12,718 per sq ft for the seller, said realty consultants.
Floor space index refers to permissible construction allowed on a plot of land.
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This iconic Mumbai bungalow likely to fetch Rs 280 crore
Photographs: Courtesy, NCPA
The Bhabha Bungalow sale could break the earlier record property deal where Mumbai developer Peninsula Land paid Rs 91,000 per sq ft or Rs 272 crore (Rs 2.72 billion) for Bishopgate property, owned by Standard Chartered and HSBC in the Breach Candy area in here, near Malabar Hill where the Bhabha Bungalow, is located.
“This deal will definitely break the Bishopgate deal though the resever price is reasonable,” said a realty consultant.
Consultants say the property could fetch between Rs 270 crore (Rs 2.7 billion) to Rs 280 crore (Rs 2.8 billion) for NCPA.
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This iconic Mumbai bungalow likely to fetch Rs 280 crore
Photographs: Courtesy, NCPA
The bungalow was once home to Homi Bhabha, father of India’s nuclear establishment.
His brother, Jamshed Bhabha, a former Tata honcho and founder chairman of NCPA, inherited the property after Homi died in 1996.
Jamshed, who headed NCPA till his death, bequeathed the bungalow to NCPA. NCPA is selling the property to fund its activities and betterment of its centre in Nariman Point area in Mumbai, sources said.
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This iconic Mumbai bungalow likely to fetch Rs 280 crore
Photographs: Courtesy, NCPA
The property came into the NCPA fold last November and property consultant JLL was appointed selling agent for the asset.
“Not many properties of this size in the area come to the market.”
The property will be sold through auction and bids will be opened by June 18, NCPA said in an advertisement on Wednesday. “The property is suitable for a signature bungalow or premium apartments,” it said.
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