Mumbai's largest ever property deal

Q: Chairman Of Aditya Birla Group, Kumar Mangalam Birla is ready to pay Rs 425 crore for sea facing Jatia House in South Mumbai.

Shaunak Verdla, Mumbai

8th September 2015

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It is heard that the Kumar Birla defeat 5 bidders by a small margin for the 30000 sq-ft. bungalow. Out of 5 3 were industrialist and 2 were realty developers including Piramal Realty. The 2nd highest bid was for Rs. 415 crore and the lowest bid was for Rs. 395 crore.

Vinay Dixit, Mumbai

8th September 2015

Comment

Hmmm...
It is also heard that Jatlas, the owner of the bungalow, bought in 1972 from Meher Cawasji Vakeel. Jatia House is owned by the MP Jatia Group which also includes Pudumjee Pulp and Paper.

The Birla family, currently staying at Mangalyan at Altamount Road, will retain the new bungalow for personal use.

Mansoor Bithal, Mumbai

8th September 2015

Earlier in 2011, Bishops Gate, a 5 storey residential building co-owned by Standard Chartered and the Hong Kong and Shanghai Banking Corporation (HSBC) in upscale Breach Candy area in the city, was sold for Rs 272 crore to Peninsula Land, an Ashok Piramal Group company.

Vinay Dixit, Mumbai

8th September 2015

A number of industrialists who have been born and brought up in south Mumbai, now want to have bigger spaces as their children grow up.

Jatia House is among the most sought after residential location in south Mumbai, an expensive property market which is much sought after by the swish set for property deals. Birla has already paid a 10% token of the entire amount. The deal will be concluded in next one month.

Ravindra Singh,

8th September 2015

Yes, it is Mumbai's largest-ever property deal. Kumar Mangalam Birla, outbid competitor to emerge as the highest bidder for the sea-facing Jatia House. And he agreed to pay Rs 425 crore to buy the 2 storey house in the city's Tony Malabar Hill area on Monday after a day-long auction.

Vinay Dixit, Mumbai

8th September 2015

Comment

Right Vinay!!!
This will be the most expensive real estate deal in the city, making way, Sajjan Jindal's purchase of Maheshwari House in 2012 for Rs 400 crore and industrialist Adi Godrej's bid for Mehrangir, the iconic bungalow of Homi Jehangir, father of India's atomic energy programme. Godrej paid Rs 372 crore for the bungalow.

Ravindra Singh,

8th September 2015