This makes it the most costliest bungalow in the country.
Kumar Mangalam Birla of Aditya Birla Group has bought the magnificent Jatia House, situated in the regal locality of Malabar Hill, one of the most sought-after residential location in India, for a record Rs 425 crore. The 25,000 sq ft bungalow was on the market for quite some time now.
Owners Shyam K Jatia and Arun K Jatia had appointed international property consultants Jones Lang Lasalle Property Consultants (JLL) to assist them in sale/auction. It was bought by the Jatias in 1972 from Meher Cawasji Vakeel.
According to the associate director of JLL India, Nishant Kabra, the proposed valuation of the property was between Rs 400 - 500 crore.
With a total land area of 2,926 sq m and a built-up area of approx 25,000 sq ft, the property offers an undeterred view of the sea from the first floor onwards.
So far, both the brothers and their families were residing in the property. Arun Jatia has been leading the M P Jatia group of companies, with Pudumjee Pulp and Paper Mills Ltd, the flagship company of its group, established as tissue paper brand called Greenlime. Some of the other group companies include Pudumjee Industries Ltd, Pudumjee Hygiene Products Ltd, Thacker & Co.
Other heritage deals
However, this is not the first heritage deal.
In 2014, Mehrangir, the iconic bungalow of Homi J Bhabha, father of India's atomic energy programme, was brought by Pheroza Godrej, wife of Jamshyd Godrej and MD and chairperson of Godrej & Boyce, for Rs 372 crore.
Glamis Villa, a bungalow on Bhulabhai Desai Road off Breach Candy, was sold to M P Aggarwal, chairman of Sajjan India Ltd, for Rs 180 crore in 2013.
In 2012, steel magnate Sajjan Jindal acquired Maheshwari Mansion, a sea-facing three-storey bungalow at Napean Sea road in south Mumbai. Jindal paid around Rs 500 crore for the property. The building was controlled by a trust run by the Maheshwari family.
Same year, Gulita, the Worli property of Hindustan Unilever, was reportedly sold to Ajay Piramal of Piramal Realty for Rs 475 crore.
Bishopsgate, a five-storey residential building co-owned by Standard Chartered and the Hongkong and Shanghai Banking Corporation Ltd (HSBC) in upscale Breach Candy, was sold for Rs 272 crore to Peninsula Land, an Ashok Piramal Group company in 2011.
Villa Nirmala, the over six-decade-old property in one of Mumbai's exclusive enclaves, Carmichael Road, was jointly bought by Ashok Piramal's Peninsula Land and developer Khemchand Kothari in 2010. The property was spread over an area of half an acre and there were plans to demolish it to make way for a skyscraper.
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