This Mumbai Bungalow Auctioned For 372 Crore

Commenting on the sale, Sanjay Dutt, Executive Managing Director of Cushman & Wakefield, said, “Significantly, the bungalow did not attract developers in the bidding process.” "It was entirely led by limited end user/investors looking at creating personal landmark assets within the city, which was also the primary reason for the sale to have happened at a significantly higher value above the reserve price," added Dutt.

On the other hand NCPA is ambitioned to use the development and modification of the facilities. “We are short of funds, and this money will be used to modernize the centre,” said Khusro Chairman of NCPA. “The BARC could have participated in the auction and taken the bungalow. While the estate is not a heritage property and the owner can use it as per their requirement, we hope the winner of the bid will use it for himself,” added Khusro.

Chairman approved of taking any vital documents related to Bhabha. He was very clear regarding the auction and explained that, “The sale of Mehrangir was also significant as it did not attract developers to the bidding process, and was led entirely by investors/ end users looking to create a personal landmark in the city. This was the primary reason why the final sale price was much higher than the reserved price. A freehold property, such as this, which offers its buyer a clear and marketable title, are few and far in between in Mumbai, and therefore individual investors were interested. The strategic location and architecture splendor is expected to be exploited for self use,” added Sanjay, reports PTI.

As per mid day’s sources, among the three final bidders, one was related to NCPA and the other two were estate agents.