Costliest deal in realty Bhabha bungalow goes for Rs 327crore

Bhabha bungalow






By Accommodation Times News Service

The heritage and iconic Bhabha bungalow now has a new owner, sources revels that the property is sold to Pheroza Godrej MD and Chairman Godrej & Boyce. This deal is meant to be the costliest deal in the country so far. The National Centre for Performing Arts (NCPA) the cultural organization sold the property Bhabha bungalow for Rs 372crore. The property has FSI of 1.33 and the total FSI comes to 22,610 sq.ft. The bungalow price has broked all the earlier deals.

The winning price for the Bhabha bungalow was almost 45 per cent higher than the quoted price, indicating demand for iconic properties in the city, said consultants. They added the sale was unique because the bidding did not include any property developer.

There were eight persons interested in the property only three bid the final round in which Ajay Piramal hold the second the position of second bidder quoting 371crore.

The property has been in a controversy for obvious reasons as National Federation of Atomic Energy Employees moved the high court to cut the auction and declare it a memorial as it is considered to heritage. NCPA has something else to say that the auction of the property is written in the will of Jamshed Bhabha, brother of Homi Bhabha. The bungalow was once home to Homi, father of India’s nuclear establishment. Jamshed, a former Tata honcho and founder chairman of the NCPA, inherited the property after Homi died in 1996. Jamshed, who headed the NCPA till his death, bequeathed the bungalow to the NCPA. Suntook clarified the property was not a heritage structure. He said the NCPA would use the proceeds for modernization of the centre including revamping lighting, sound systems, air conditioning and so on.


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