Mumbai bungalow goes for a record 250 crore

MUMBAI: In yet another big-ticket deal, Kapadia Bungalow, located in the tony Nepean Sea Road area, was reportedly sold a few weeks ago for roughly Rs 250 crore. Property experts told TOI that the bungalow, which stands on over 2,048 sq m of prime land, was purchased by a leading real estate developer, whose focus till now has primarily been the central suburbs. The bungalow is owned by the family of businessman Jaysinh Kapadia.

The deal is yet to be inked as the solicitors are checking out the bungalow's land records. The solicitors had, in November, issued a public notice, stating "all persons having any claim, right, title, or interest in the said property by way of sale, mortgage..." should contact the owners within the next two weeks. Speculation is that the buyer has paid an advance of Rs 30 crore to the Kapadia family. The family comprises three brothers and two sisters who reside abroad. This, said property experts, is the highest a bungalow has fetched so far.

Sandeep Runwal, managing director of Runwal Group, whose name had cropped up as the buyer, in an SMS response denied the deal. "I have not yet met the entire Kapadia family. This transaction is just a market rumour,'' he said.

Market insiders said the deal is being kept under wraps as the buyer is still to reach an understanding with one tenant, who is occupying roughly 3,500 sq ft in the bungalow. The owners—the three brothers who stay in India—occupy roughly 11,500 sq ft.

The one-storey bungalow is a cessed building but falls under the B-category (structures constructed in the late 1940s), will get a floor space index of 1.33, said property pundits, adding that this would translate to a developable space of 50,000 sq ft. "The site is apt for the construction luxury apartments,'' said a property consultant. The going rate for flats in this area is an estimated Rs 40,000-Rs 50,000 per sq ft. Post redevelopment, only 220 sq ft will be given to the BMC for road-widening.

Santosh Bane

Kapadia Bungalow, located in Nepean Sea Road area, stands on over 2,048 sq m of prime land. Sources said the deal is being kept under wraps as the buyer is still to reach an understanding with one tenant