The Quintessential mansions in Mumbai

When you have money, invest it in property. What better examples than the business tycoons who have bought expensive mansions for amounts beyond imagination? Let us take a look at some of the most extravagant bungalows owned by these magnates.

Aashirwad:

Yesteryears’ superstar Rajesh Khanna’s home, Aashirwad was sold to a businessman for a mere Rs. 95 crore. Khanna had bought this 6500 sq ft property from Rajendra Jubilee Kumar. This sea facing bungalow on Carter Road was under controversy after Anita Advani had sent a legal notice to Khanna’s family claiming her right on the house. Apparently, according to sources, the house was also haunted.

Aashirwad – Rajesh Khanna’s home

Gulistan:

Gulistan, a 3-storey mansion situated on the Napean Sea Road was acquired by Mahindra’s real estate arm for Rs. 270 crore. The group’s MD & Vice Chairman Anand Mahindra was born and lived here as a tenant till the bungalow was officially purchased. The tenancy dates back to his grandfather, K.C. Mahindra’s times. The 13,000 sq ft property is located opposite Priyadarshini Park.

Gulistan : Anand Mahindra

Bishops Gate:

A 40,000 sq ft property, Bishops Gate, was sold to Peninsula Land, an Ashok Piramal Group company for Rs. 272 crore. The property, located in the upscale Breach Candy area was owned by Standard Chartered (75%) and HSBC (25%) and housed senior officials from both banks. The building which formerly had 12 apartments and 12 garages is now being redeveloped into a luxury tower by Peninsula Land Ltd.

Bishops Gate :

 Kapadia Bungalow:

Nepean Grange, the 2-storey mansion built by the Kapadia family in 1918 was bought by Runwal Builders for Rs. 270 crore. The property admeasures 2048 sq meters, has an outhouse, a servants’ quarter and a huge car park. Although the Runwals settled the deal for Rs. 270 crore with the Kapadias, they had to pay an additional Rs. 80 crore to the tenant, Lilani family to vacate the property taking the overall transaction to Rs. 350 crore.

The Runwals plan to demolish the bungalow and erect a high-end plush residential tower here.

Kapadia Bungalow:

Mehrangir Bungalow

The iconic bungalow, Mehrangir, home to the father of India’s atomic energy programme – Homi J Bhabha was sold to Smita Crishna-Godrej for Rs 372 crore. Many people in the city wanted to preserve this 15,000 sq ft property and turn it into a museum.

Smita has assured that the home where Homi Bhabha grew up will not be demolished. The 3-storey mansion spread over 1,593 sq m plot will be used as a residence for her family. Interestingly, the Godrej family paid Rs. 115 crore more than the reserve price of Rs. 257 crore for this historic property.

Mehrangir Bungalow

Jatia House:

This property in the posh Malabar Hill was on the blocks for sale for quite some time when last year it found its new owner in Kumar Mangalam Birla. Birla paid Rs. 425 crore for this sea facing bungalow built over a sprawling 30,000 sq ft. this transaction is one of the most expensive ones with regards to amount paid per square feet. While The Jatias were finding it difficult to maintain the house as it was too big, the Birlas who presently reside on Altamount Road plan to make this mansion their family house.

Jatia House

Lincoln House:

Cyrus Poonawala, the Chairperson of the Poonawala group purchased this heritage property last year for a monstrous amount of Rs. 750 crore. Lincoln House, which originally housed the US consulate, has a massive area of 50,000 sq ft. the Poonawalas will use this as their family residence.

While the per sq ft rate of this 2 acre property is a whopping Rs 86,088, the selling price of Rs. 750 crore is still 100 crore less than the reserve price due to the restrictions on its redevelopment.

Lincoln House

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.