In what is being termed as Mumbai's largest ever property deal, Kumar Mangalam Birla on Monday beat five other bidders in an auction for a bungalow on Malabar Hill by quoting a price of Rs 425 crore.
Mumbai’s largest-ever property deal: Kumar Mangalam Birla to pay Rs 425 crore for sea-facing Jatia House pic.twitter.com/KaSdGZ04Lb— Ashutosh K Mohindra (@ashumohindra) September 7, 2015
The sea-facing bungalow is currently owned by Arun and Shyam Jatia of Pudumjee Pulp and Paper Mills Ltd, part of the MP Jatia Group of Companies. But as most of the Jatia family members have moved out, the brothers found the property too large to live in, reported The Times of India.
"The Jatia brothers have been trying to sell the property for the past two years. In fact, a property redeveloper had almost bought the bungalow last year, but then backed out because of regulatory issues," a person in the know told the TOI.
According reports, the Jatia House has a plot size of about 31,495 sq ft, with a built-up area of around 25,000 sq ft. The mansion also has several open spaces, including a large parking area. Incidentally, the Jatia House is also close to Meherangir, the landmark bungalow once owned by Homi J Bhabha, fondly called the father of India's a nuclear programme.
Currently, Kumar Birla resides in a bungalow at Altamount Road, just a 10-minute drive from his new acquisition.
If the Jatia-Birla deal goes through, it would eclipse industrialist Sajjan Jindal's 2011 purchase of a sea-facing bungalow at Nepean Sea Road, Mumbai for Rs 400 crore.