Mumbai’s biggest ever property deal worth 425 cr!

jatia house

Chairman of the $41billion Aditya Birla Group, Kumar Mangalam Birla emerged as the highest bidder for the sea-facing Jatia House in Mumbai’s largest-ever property deal. Birla proffered Rs 425 crore to buy the two-storey house in the city’s tony Malabar Hill area during a day-long auction on September 7th, 2015.
Jatia House is owned by the MP Jatia Group. The Jatias purchased the bungalow in 1972 from Meher Cawasji Vakeel. The Birla family, currently residing in Mangalyan at Altamount Road, plans to retain the new bungalow for personal use. A number of industrialists who have been born and brought up in south Mumbai, are now buying bigger spaces as their children grow up.

Birla has already paid 10% of the deal amount as token which will be closed in the next one month. Birla outpaced  five bidders, including Ajay Piramal ‘s Piramal Realty, for the 30,000 sq ft bungalow. This is the most expensive real estate transaction of Mumbai , after Sajjan Jindall’s purchase of Maheshwari House for Rs 400 crore and industrialist Adi Godrej ‘s bid of Rs. 372 crore for Mehrangir, the iconic bungalow of Homi Jehangir.