HNIs line up to enquire about Amitabh Bachchan's neighbour's bungalow auction in Mumbai

According to local brokers, in this particular case of a similar bungalow nar that of Amitabh Bachchan's Jalsa in Juhu would easily cost around Rs 35 or 40 crore in the open market.

High net worth individuals (HNIs), predominantly directors of micro, small and medium enterprises (MSMEs), have lined up to enquire about Amitabh Bachchan's neighbour's bungalow, being auctioned by Deutsche Bank India at a reserve price of Rs 25 crore.

Hecta, a marketing platform of repossessed properties by banks and financial institutions, has received at least 15 enquires about the bungalow in the Juhu area of Mumbai.

The auction is scheduled for  March 27, as the borrowers have defaulted on secured loan to the tune of Rs 12.89 crore.

"We have received more than 15 enquiries about the details of the property and auction process as we are a marketing platform for distressed properties of banks. These enquiries are from HNIs, since we are talking of a bungalow where the reserve price is Rs 25 crore," said Sridhar Samudrala, founder, Hecta.

"These HNIs are mostly directors of small and medium scale enterprises. These are just few of the enquiries received by us. The Deutsche bank team, too, might have received some enquiries directly. As of now, the auction date is March 27, 2024," Samudrala added.

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Mehul R Thakkar

Special Correspondent|Moneycontrol

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Moneycontrol had reported on March 13 that Deutsche Bank has put the bungalow next to Amitabh Bachchan's bungalow Jalsa under auction. The carpet area of the bungalow is 1,164 sq ft  with an open space of 2,175 sq ft.

Also read: Living next door to Amitabh: What it would cost you to be neighbours with the Bachchans

The bungalow is being auctioned by Deutsche Bank India under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2002.

According to the public notice, the bank had sent a demand notice in April 2022, calling upon the borrowers, Seven Star Satellite Pvt Ltd, and co-borrowers to repay the outstanding amount of Rs 12.89 crore within 60 days.

Atul Saraf, Managing Director of Seven Star Satellite Pvt, Ltd could not be reached for comment.

According to real-estate experts, banks usually sell properties via auction at discounted price and hence prospective buyers may get a good deal.

A bungalow of similar size in the surrounding area of Juhu beach, near Jalsa of Amitabh Bachchan, would easily cost around Rs 35 or 40 crore, local brokers said.