Homi Bhabha's Malabar Hill bungalow going for Rs257 cr
13 March 2014
Mumbai is likely to see a big-ticket real estate deal around the middle of this year, with the bungalow in which India's pioneering nuclear scientist Dr Homi Bhabha lived having been put on the block.
Meherangir, the bungalow in which the Bhabhas, including Homi's brother and estate executor Dr Jamshed Bhabha lived, is located in one of the city's poshest areas on Malabar Hill, overlooking the Hanging Gardens. It sprawls over 17,143 sq ft, with a built-up area of around 13,953 sq ft.
Jamshed Bhabha had willed the property to the National Centre for Performing Arts (NCPA), which he had helped set up along with JRD Tata. Now, the NCPA – which already sits on one of India's most expensive real estate at the tip of Nariman Point – has put the bungalow up for sale.
At a reserve price of Rs257 crore, the property, with a minimum floor space index of 1.33, could fetch Rs1,12,718 per sq ft for the seller, according to realty experts.
The Bhabha Bungalow sale could break the earlier record property deal where Mumbai developer Peninsula Land paid Rs91,000 per sq ft or Rs272 crore for Bishopgate, owned by Standard Chartered and HSBC in the Breach Candy area.
Jamshed Bhabha, a former Tata honcho and founder chairman of NCPA, inherited the property after Homi died in 1966. Jamshed, who headed NCPA till his death, bequeathed the bungalow to the cultural centre.
The NCPA is selling the property to fund its activities and for the improvement of its Nariman Point centre.
It is being sold through sealed bids and the bids will be opened on 18 June, said the public advertisement. Following the finalisation of a buyer, NCPA will seek the charity commissioner's approval to transfer the property. Property consultant Jones Lang LaSalle India has been appointed as the advisor for the transaction.
''Not many properties of this size in the area come to the market,'' the NCPA advertisement read. ''The property overlooking the sea is suitable for a signature bungalow or premium apartments.''