Mumbai May Witness the Most Expensive Real Estate Deal By Mid June

BANGALORE: While the country is struggling with high property prices, the financial capital of India is still witnessing property transactions under astronomical price tag. Recently, there has been news of the iconic Bhabha bungalow on sale, which can prove to be the costliest affair in the market with the buyers. Located in south Mumbai's posh Malabar Hills, the property is most likely to be sold through auction and bids, which will be opened by 18 June 2014, said National Centre for Performing Arts in an advertisement.

Once home to Homi Bhabha, father of India's nuclear establishment, the bungalow spread over 17,143sq ft with the floor space index of 1.33. “The property is suitable for a signature bungalow or premium apartments,” said NCPA.

Supposedly, the sale of the bungalow will break the earlier property deal record where Peninsula Land, a Mumbai-based developer, paid 91,000 per square feet that is 272 crore for Bishopgate property near Malabar Hill, which is close to the Bhabha Bungalow. However, Standard Chartered and HSBC in Mumbai's Breach Candy area owned the Bishopgate property.

After the death of Homi Bhabha, Jamshed Bhabha, a former Tata honcho and Founder Chairman of NCPA inherited the property. 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 comes with a reserve price of 257crore, and is expected to fetch around whopping 270-280crore for NCPA. NCPA Chairman said that it has been painted recently and has undergone renovations and is in a good shape and condition. Moreover, this bungalow would not be able to maintain the stories above 15 because of the coastal regulation zone restrictions.

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