Kumar Mangalam Birla buys Mumbai’s Jatia House for 425 crores

The country has just witnessed its most expensive real estate deal. An INR 425 crore property deal has been finalized in Mumbai. Kumar Mangalam Birla is now the proud owner of the iconic Jatia House at Little Gibbs Road, Malabar Hill.
The house that was in the market for quite some time has been now been sold for a massive amount of INR 425 crore. While the Maheshwari House in the same neighbourhood was sold for INR 400 crore four years ago, this deal has set a new realty record.
Spread across 31,495 square feet, the house is a two storied bungalow and boasts of having many open spaces and a huge parking area. Built on 25,000 square feet, the house is just a stone’s throw away from Homi Bhabha’s house that was sold in 2014 for INR 372 crore. The old world architecture and its Burma teak wood furnishings are some of the property’s main focal points. The bungalow over sees a huge garden and a central courtyard that leads to the library and the ballroom.
Mumbai’s expensive realty deals
Maheshwari House, Malabar Hill – sold for INR 400 crore in 2011
Mehrangir (Homi Bhabha’s house), Malabar Hill – sold for INR 372 crore 2014
Apartment in Residence, Napean Sea Road – sold for INR 202 crore 2015During the auction earlier, Kumar Mangalam Birla of the Aditya Birla Group had put in the highest bid and had bagged the spacious house. The property deal is cited to be the most expensive deal for an independent house in the country where the per square feet rate is cited to be INR 1.7 lakhs. Senior officials from the consultancy firm that had carried out the deal have confirmed it. Recent reports also suggest that 10% of the amount will be paid as the token amount while the remaining amount will be paid by the owner in the coming days.
The house was previously owned by Y Jatia who had purchased the property in the early 70s from MC Vakeel. And now Kumar Mangalam Birla who currently resides in a property on Altamount Road has purchased the bungalow for his personal use.
With the realty sector in Mumbai being very favourable towards the HNIs, Mumbai has seen several high profile deals go through. And such deals will have a positive impact on the realty market that is currently down. The road to revival is slow but sure it would seem.
Nidhi C Thacker for IndiaProperty.com
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By: indiaproperty.com