A luxury bungalow in Mumbai's Juhu Vile Parle residential enclave, home to several Bollywood actors, is set to be auctioned on June 20.
The bungalow, located in Nutan Laxmi Cooperative Society, about a kilometre from Juhu Beach, has eight floors, including a duplex on the top one. The project spans 7,200 sq ft, with only one 4BHK per floor.
The Union Bank of India has set a reserve price of Rs 104.11 crore for the property. According to a public notice issued by the bank and accessed by Moneycontrol, the borrower, Indus Projects Ltd, has defaulted on loan repayments, prompting the bank to initiate the auction process.
The online auction will be held between 12 noon and 5 pm on June 20, the notice said.
The bank had issued a demand notice to the promoter in 2019 and 2022 under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI). 2002. for defaulting on the dues.
Queries sent to Indus Projects Ltd did not get any response.
Location creating buzz among potential investors
The Juhu Vile Parle Development (JVPD) Scheme, a prime residential area in Vile Parle, is one of the most sought-after residential enclaves in Mumbai, home to numerous celebrities, including Sara Ali Khan, Arjun Kapoor, and Shatrughan Sinha.
Ravi Kewalramani, a realtor at Mumbai-based RK Mumbai Realtors, said that JVPD has a dynamic rate with older buildings being resold at Rs 45,000 per sq ft. "Newer luxury apartments go up to Rs 75,000 per sq ft. Clear title plots in the JVPD cost more than Rs 9.5 lakh per sq m or Rs 8 lakh per sq yard."
Hecta, which markets repossessed properties from banks and financial institutions, said more than 15 HNIs (high net-worth individuals) have enquired about the property.
Sridhar Samudrala, founder of Hecta, added: "We get 1-2 enquiries every day. Some want more time to pay while some are worried about becoming ‘visible’ if they buy. Such high-ticket auctions generally end up in single bids from investors or traders."
Samudrala said that banks reduce 30 percent of the property's market value from the price when it is put up for auction. Thus, the current property will be worth about Rs 130–140 crore. Additionally, banks will typically reduce the price by 10 percent if the property goes for a re-auction.
In a similar deal, Girdhari Lal Bawri, managing director of Macleods Pharmaceuticals, in February 2024, purchased a 3,600 sq ft bungalow on a plot measuring over 7,000 sq ft in Vile Parle area for Rs 101 crore.
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